Enlight Renewable Energy Ltd 6-K, filed Aug 4, 2026
Enlight Renewable Energy Ltd. (ENLT)
6-K
2026-08-04
For: 2026-06-30
View Original
Added on
August 05, 2026
About this 6-K
Enlight Renewable Energy Ltd filed this 6-K on August 4, 2026.
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 August 2026
Commission File Number: 001-41613
(Translation of registrant’s name into English)
+ 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 August 4, 2026, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Second Quarter 2026 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Second Quarter 2026.” 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 six-month period ended June 30, 2026, and other operational updates, is included 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 Exhibit 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 press release, including 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 and Registration Statement on Form F-3
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
| Exhibit |
Description
|
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: August 4, 2026
|
By:
|
/s/ Lisa Haimovitz
|
|
Lisa Haimovitz
|
||
|
VP General Counsel
|
||
Exhibit
99.1
|
Earnings
Release |
 |
ENLIGHT
RENEWABLE ENERGY REPORTS
SECOND
QUARTER 2026 FINANCIAL RESULTS
All
of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL
AVIV, ISRAEL, August 4, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the
quarter ended June 30, 2026. 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 2Q26 financial results can be found on our IR website at https://enlightenergy.com/data/financial-reports/
Financial
Highlights
3
months ending June 30, 2026
| • |
Total revenues and income1 of $210
million, an increase of 55% compared to the same period last year. |
| • |
Net income of $31 million, compared
to $6 million in the same period last year. |
| • |
Adjusted EBITDA2 of $160
million, compared to $96 million in the same period last year. Excluding a gain of approximately $17 million from
the follow-on sale of a 15% stake from the Sunlight cluster in the second quarter of 2026, Adjusted EBITDA totaled $142
million, an increase of 50% from the second quarter of 2025. |
| • |
Cash flow from operating activities3 of
about $84 million, an increase of 37% compared to the same period last year. |
6
months ending June 30, 2026
| • |
Total revenues and income of $409 million,
an increase of 55% compared to the same period last year. |
| • |
Net income of $69 million, compared
to $107 million in the same period last year. Excluding a gain of approximately $81 million from the sale of 44% stake
from the Sunlight cluster in and deconsolidation in the first quarter of 2025, net income increased by 160%, compared to $26 million in
the comparable period. |
1Total
revenues and income include revenues from the sale of electricity, as well as income from tax benefits from U.S. projects
2Adjusted
EBITDA is a non-IFRS measure. Please refer to the appendices for the reconciliation to net income. 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
3Interest
payments and receipts are classified as cash flows from financing and investing activities, respectively, instead of cash flows from operating
activities. Adjustments were made to comparative figures due to a change in accounting policy; for further details, see Appendix No. 4
| • |
Adjusted EBITDA of $314 million, compared to $227
million in the first half of 2025. Excluding a gain of $42 million from the sale of 44% from the Sunlight cluster in the first half of
2025, and a gain of $30 million from follow-on sales of 26% from the Sunlight cluster during the first half of 2026, Adjusted EBITDA amounted
to $284 million in the first half of 2026, an increase of 54% from the first half of 2025. |
| • |
Operating cash flow of $185 million, an increase
of 48% from the first half of 2025. |
Summary
of key financial results:
|
For
the three months ended |
For
the six months ended | |||||
|
($
millions) |
June
30, 2026 |
June
30, 2025 |
%
change |
June
30, 2026 |
June
30, 2025 |
%
change |
|
Revenues and Income |
210 |
135 |
55% |
409 |
265 |
55% |
|
Net Income |
31 |
6 |
460% |
69 |
107 |
(36%) |
|
Net income excluding
the Sunlight transactions |
31 |
6 |
460% |
69 |
26 |
160% |
|
Adjusted EBITDA |
160 |
96 |
67% |
314 |
227 |
38% |
|
Adjusted EBITDA excluding
the Sunlight transactions |
142 |
96 |
50% |
284 |
185 |
54% |
|
Cash Flow from Operating
Activities |
84 |
62 |
37% |
185 |
125 |
48% |
Portfolio
Review
During the second quarter
and through the date of this release, 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 21.8 GW of generation capacity and 74.6 GWh energy storage
(totaling 43.1 FGW1), representing an increase of 4.6% compared
to the total portfolio at the release date of the first quarter of 2026 (41.2 FGW). The generation component increased by approximately
1.5% and the storage component increased by approximately 8% compared to the previous quarter, reflecting Enlight’s strategy to
lead in energy storage as a response to the market’s increasing demand.
The
mature component of the portfolio (operating projects, projects under construction, and projects in pre-construction) comprises of 6.4
GW of generation capacity and 20.5 GWh of storage capacity, totaling 12.3 FGW, compared to 11.6 FGW at the end of the previous quarter,
an increase of 6%. Approximately 53% of the capacity is located in the U.S., 32% in Europe, and approximately 15% in MENA.
4FGW
(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.
The
advanced development and development components comprise 15.4 GW of generation capacity and 54.1 GWh of storage capacity, totaling 30.8
FGW, an increase of 4% sequentially. Approximately 72% of the capacity is located in the U.S., 15% in MENA, and 13% in Europe.
The
composition of Enlight’s portfolio appears in the following table:
|
Component |
Status |
FGW |
Annual
revenues & income run rate ($m) |
|
Operating |
Commercial operation |
3.9 |
~780-810 |
|
Under construction |
Under construction |
4.5 |
~840 |
|
Pre-construction |
0-12 months to start
of construction |
3.9 |
~660 |
|
Total
Mature Portfolio |
12.3 |
~$2,300m | |
|
Advanced development |
13-24 months to start
of construction |
7.8 |
- |
|
Development |
24+ months to start of
construction |
23.0 |
- |
|
Total
Portfolio |
|
43.1 |
- |
| • |
Operating component of
the portfolio: 3.9 FGW |
| o |
Approximately 41% of
the operating component is in the U.S., 34% in Europe, and 25% in Israel. 90% of operating capacity is contracted under PPAs, of which
approximately 24% is under index-linked PPAs. |
| o |
The operating portfolio generates annualized revenues
and income run rate of approximately $780 to $810 million. The increase in run-rate revenues from operating assets is driven mainly by
higher revenues from electricity trade in Israel, good operational performance in the Company’s projects, higher electricity prices
and exchange rates fluctuations. |
| • |
Under construction component
of the portfolio: 4.5 FGW |
| o |
This component increased quarter-over-quarter
by approximately 500 FMW (approximately 12%), |
| o |
The Bertikow project in Germany (storage capacity
of 881 MWh) started construction during the quarter. |
| o |
As part of its strategy to expand energy storage
capacity in Europe, the Company acquired and commenced construction of two energy storage projects in Finland, a key hub for data center
development. The projects have a combined storage capacity of 902 MWh, are expected to achieve commercial operation during the first half
of 2028 and are projected to generate an unlevered return5
of 19% to 20%. |
| o |
The under-construction component includes six
projects in the U.S. (CO Bar Phases I-III, Country Acres, Crimson Orchard, and Snowflake A) with a total capacity of 3.4 GW, seven projects
in Europe with an aggregate capacity of approximately 912 MW, and projects in Israel with a total capacity of approximately 142 MW. |
| o |
Energy storage projects (either standalone or
paired with generation assets) account for approximately 42% of the under-construction component. |
| o |
During the second quarter, financing for the CO
Bar complex in Arizona was successfully completed, totaling $2.6 billion. The financing was provided by a consortium of seven leading
global financial institutions. The complex comprises five phases and includes 1.2 GW of solar generation capacity and 4 GWh of energy
storage capacity. Total investment in the CO Bar complex is expected to range between $2.9 billion and $3.0 billion, including a term
loan of approximately $1.7 billion. Tax equity proceeds are estimated at about $1.5 billion. |
| o |
The Company estimates that during the remainder
of 2026 it will begin construction of projects totaling approximately 2.7 FGW, such that 87% of the mature component is expected to be
either operating or under construction by the end of 2026. |
| o |
The under-construction component is expected to
contribute approximately $840 million to the annual revenues and income in their first full year of operation, compared to $770 million
in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above. |
| • |
Pre-construction component
of the portfolio: 3.9 FGW |
| o |
This component increased by approximately 220
FMW. |
| o |
During the quarter, the Karpen Cluster in Romania
was acquired, with an aggregate storage capacity of 848 MWh. Commercial operation is expected to commence in several phases during the
second half of 2028 and the first half of 2029. The portfolio is expected to generate an unlevered return of 16.8% to 17.2%. |
| o |
During the quarter, an additional energy storage
project in Finland, Kajo, was acquired, with a storage capacity of 542 MWh. Commercial operation is expected during the first half of
2028, and the project is expected to generate an unlevered return of 16.9%–17.3%. |
| o |
In addition, projects in Israel and Hungary with
an aggregate capacity of approximately 56 FMW advanced to pre-construction. |
| o |
The pre-construction component includes six projects
in the U.S. totaling 1.5 FGW, eleven projects in Europe totaling approximately 1.7 FGW, and projects in Israel totaling 0.7 FGW. |
| o |
Storage projects account for 77% of total capacity. |
| o |
Pre-construction projects are expected to contribute
approximately $660 million to the annual recurring revenues and income in their first full year of operation, an increase from $540 million
in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above. |
5
Calculated by dividing the projected EBITDA for the first full year of operations by the estimated net construction cost.
| • |
Advanced development
component of the portfolio: 7.8 FGW |
| o |
This component increased by 500 FMW sequentially. |
| o |
During the quarter projects with an aggregate
capacity of 324 FMW in the U.S. (in SPP), 286 FMW in Poland and 245 FMW in Israel transitioned from development to advanced development. |
| o |
This component includes 5.5 FGW in the U.S., 1.2
FGW in Europe, and 1.1 FGW in MENA. |
| o |
Storage projects account for 48% of total capacity. |
| o |
As of the date of this report, the entire advanced
development portfolio in the U.S. has successfully completed System Impact Study process and has a high likelihood of securing grid interconnection. |
| o |
Approximately 5 FGW of U.S. capacity met Safe
Harbor6 requirements (approximately 91% of this component’s
capacity in the U.S.), securing eligibility for tax benefits. |
| • |
Development component
of the portfolio: 23 FGW |
| o |
This component includes 16.9 FGW in the U.S.,
3.4 FGW in MENA, and 2.7 FGW in Europe. |
| o |
The main additions over the past three months
include projects totaling planned capacity of approximately 2 FGW in the U.S., of which energy storage projects with aggregated capacity
of 2.4 GWh in PJM and projects with aggregated electricity generation capacity of 478 MW and storage capacity of 1.4 GWh in CAISO. 240
MW planned electricity generation and 800 MWh of planned energy storage capacity were added in WECC. |
6
Securing 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
| o |
Storage projects account for approximately 51%
of total capacity. |
| o |
As of the earnings release date, 8.1 FGW (approximately
48% of this component’s capacity in the U.S.) successfully completed System Impact Study and have a high likelihood of achieving
grid interconnection. |
| o |
Approximately 6.4 FGW of U.S. capacity met Safe
Harbor requirements (approximately 38% of this component’s capacity in the U.S.), securing eligibility for tax benefits. |
| o |
Under current U.S. legislation, energy storage
projects that commence construction by the end of 2033 are eligible for the full value of available tax credits, with a gradual phase-down
for projects beginning construction during the following three years. The Company currently has approximately 4.7 GW of energy storage
capacity in its portfolio that is expected to begin construction over the coming years. |
| o |
The Company expects to pursue similar tax credit
eligibility for future energy storage projects added to its portfolio, subject to their commencement of construction within the applicable
qualification period. |
With
completion of the current mature portfolio by year-end 2028, Enlight’s operating capacity is expected to reach approximately 12
FGW, and total annual revenues and income7 run rate is expected
to reach $2.2 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 and 2028.
7The
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; Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. The company's revenues
from tax benefits are estimated at approximately 22-24% of the total revenues & income run rate for December 2026 and approximately
28-30% of the total revenues & income run rate for December 2027 and December 2028.
Project
and Corporate Finance
During
the first half of the year, the Company secured approximately $3.7 billion of financing sources (including project financing):
| • |
$2.6 billion financing for the CO-Bar complex,
representing the largest financing transaction in the Company's history. |
| • |
Approximately $350 million raised through an expansion
of Series G bonds on the Tel Aviv Stock Exchange, at an interest rate of approximately 4.4%, reflecting a spread of approximately 0.75%
above comparable Israeli government bonds. |
| • |
Issuance of approximately 6 million shares, generating
gross proceeds of approximately $420 million. |
| • |
$304 million financing secured for the Crimson
Orchard project in Idaho, U.S. |
| • |
Follow-on transactions for the sale of additional
stakes in the Sunlight portfolio, generating proceeds of $38 million. |
| • |
As of the balance sheet date, cash and cash equivalents
at the “topco”8 level8
totaled $877 million. In addition, cash and cash equivalents held by subsidiaries amounted to approximately $287 million. |
| • |
As of the balance sheet date, the Company had
available credit facilities of $550 million, of which $132 million had been utilized. |
| • |
As of the balance sheet date, the Company had
approximately $1.7 billion of Letter of Credit and Surety Bond facilities, of which $674 million had been utilized. |
8 Including
Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked
entities.
Financial
Results Analysis
|
Revenues
& Income by Segment | ||
|
($ millions) |
For
the three months ended |
For
the six months ended |
|
Segment |
June
30, 2026 |
June
30, 2025 |
%
change |
June
30, 2026 |
June
30, 2025 |
%
change |
|
MENA |
77 |
53 |
46% |
141 |
96 |
48% |
|
Europe |
52 |
48 |
9% |
113 |
99 |
14% |
|
U.S. |
80 |
34 |
133% |
154 |
69 |
122% |
|
Other |
1 |
0 |
- |
1 |
1 |
- |
|
Total
Revenues & Income |
210 |
135 |
55% |
409 |
265 |
55% |
Revenues
& Income
In the second quarter
of 2026, the Company's total revenues increased by 55% to approximately $210 million, compared to approximately $135 million in the corresponding
quarter last year. Revenues from electricity sales grew by 43% to approximately $166 million.
The increase in revenues
was primarily driven by new U.S. projects that commenced operations at the end of 2025, contributing approximately $20 million to the
growth in electricity sales revenues. Foreign exchange fluctuations contributed an additional $13 million, electricity trading activities
in Israel contributed $9 million, and higher power prices together with improved generation output contributed approximately $6 million
to the increase in electricity sales revenues.
Tax credit revenues amounted
to approximately $44 million, compared to approximately $19 million in the corresponding quarter last year. The increase was primarily
attributable to new U.S. projects that commenced operations at the end of 2025, as well as additional tax credits recognized at the Atrisco
project related to the use of domestic content, which became effective in the third quarter of 2025.
Net
Income
The Company's net income
for the second quarter of 2026 totaled $31 million, compared to $6 million in the corresponding quarter last year.
The $25 million increase
was primarily driven by a $75 million increase in total revenues. This was partially offset by a $19 million increase in cost of revenues,
mainly due to the expansion of electricity trading activities in Israel and the commencement of operations at new projects, a $10 million
increase in depreciation and amortization expenses, an $8 million increase in general and administrative and development expenses, a $4
million increase in other expenses, primarily due to compensation for lost revenues received in the second quarter of 2025, and a $9 million
increase in tax expenses.
Gross financing expenses
increased by $18 million, primarily as a result of the commencement of operations at new projects. This was partially offset by a $7 million
increase in financing income. In addition, during the corresponding period last year, the Company recorded $12 million of financing expenses
related to foreign exchange adjustments.
Adjusted
EBITDA
The Company's Adjusted
EBITDA for the second quarter of 2026 amounted to approximately $160 million, compared to approximately $96 million in the corresponding
quarter last year, representing an increase of 67%.
The increase compared
to the second quarter of 2025 was primarily driven by a $75 million increase in revenues, partially offset by a $17 million increase in
cost of revenues resulting from the commencement of operations of new projects and the expansion of electricity trading activities in
Israel, a $6 million increase in general, administrative and development expenses (excluding share-based compensation expenses), and a
$4 million decrease in other income.
Partially offsetting
these factors, the follow-on sale of an additional 15% interest in the Sunlight portfolio contributed approximately $17 million to Adjusted
EBITDA.
Conference Call Information
English
Conference Call & Webcast at 8:00am ET / 3:00pm Israel:
Please pre-register
to join the live conference call:
https://register-conf.media-server.com/register/BIa44c30056e064c77bfb6d11ba810306b
Upon registering,
you will be emailed a dial-in number, direct passcode and unique PIN.
To join by
webcast, which will feature a presentation, please use the following link:
https://edge.media-server.com/mmc/p/sk3hcqbs
Hebrew
Webcast at 6:00am ET / 1:00pm Israel:
Please pre-register
to join the live webcast:
https://enlightenergy-com.zoom.us/webinar/register/WN_Is-DMN7ETJ2-RR28wRf59A
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.com/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.com/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 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 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, minus finance income and adjusted to eliminate any non-recurring portions of other
income (expenses), net. compensation received in respect of contractual performance shortfalls and recorded in other income (expenses),
net, is included in adjusted EBITDA. Such compensation represents income the company would have generated had the contractual performance
levels been achieved. 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 economic gain or loss attributable to the interest sold, calculated as the consideration received less
the proportional book value attributable to such interest. 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 the Company’s expectation relating to projects,
including their timeline, financing and the achievement of operational and financial 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 expected Revenues, 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, as well
as timing of construction of any project; 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 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; our ability to obtain tax benefits and credits in the U.S. or other
jurisdictions; 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, 2025, filed with the Securities and Exchange Commission (the “SEC”),
as may be updated in our other documents filed with or furnished to the SEC.
These
statements reflect management’s current expectations regarding future events and operating performance and speak only as of the
date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and
events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable
law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About
Enlight
Founded
in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the
three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel
and 12 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq:
ENLT) in 2023.
Company
Contacts
Limor
Zohar Megen
Director
IR
investors@enlightenergy.com
Erica
Mannion or Mike Funari
Sapphire
Investor Relations, LLC
+1
617 542 6180
investors@enlightenergy.com
Appendix 1 – Financial information
Consolidated Statements of Income
|
For the six months ended June 30 |
For the three months ended June 30 |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
USD in |
USD in |
USD in |
USD in |
|||||||||||||
|
thousands |
thousands |
thousands |
thousands |
|||||||||||||
|
Revenues |
|
|
|
|
||||||||||||
|
Tax benefits |
|
|
|
|
||||||||||||
|
Total revenues and income |
|
|
|
|
||||||||||||
|
Cost of sales (*) |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Depreciation and amortization |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
General and administrative expenses |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Development expenses |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Total operating expenses |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Gains from projects disposals |
|
|
|
|
||||||||||||
|
Other income (expenses), net |
|
|
(
|
) |
|
|||||||||||
|
Operating profit |
|
|
|
|
||||||||||||
|
Finance income |
|
|
|
|
||||||||||||
|
Finance expenses |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Total finance expenses, net |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Profit before tax and equity loss |
|
|
|
|
||||||||||||
|
Share of losses of equity accounted investees |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Profit before income taxes |
|
|
|
|
||||||||||||
|
Taxes on income |
(
|
) |
(
|
) |
(
|
) |
(
|
) | ||||||||
|
Profit for the period |
|
|
|
|
||||||||||||
|
Profit for the period attributed to: |
||||||||||||||||
|
Owners of the Company |
|
|
|
|
||||||||||||
|
Non-controlling interests |
|
|
|
|
||||||||||||
|
|
|
|
|
|||||||||||||
|
Earnings per ordinary share (in USD) with a par |
||||||||||||||||
|
value of NIS |
||||||||||||||||
|
parent Company: |
||||||||||||||||
|
Basic earnings per share |
|
|
|
|
||||||||||||
|
Diluted earnings per share |
|
|
|
|
||||||||||||
|
Weighted average of share capital used in the |
||||||||||||||||
|
calculation of earnings: |
||||||||||||||||
|
Basic per share |
|
|
|
|
||||||||||||
|
Diluted per share |
|
|
|
|
||||||||||||
(*) Excluding depreciation and amortization.
Consolidated
Statements of Financial Position as of
|
June
30 |
December
31 |
|||||||
|
2026
|
2025
|
|||||||
|
USD
in |
USD
in |
|||||||
|
Thousands
|
Thousands
|
|||||||
|
Assets
|
||||||||
|
Current
assets |
||||||||
|
Cash and cash equivalents
|
|
|
||||||
|
Bank deposits
|
|
|
||||||
|
Restricted cash
|
|
|
||||||
|
Trade receivables
|
|
|
||||||
|
Other receivables
|
|
|
||||||
|
Other financial assets
|
|
|
||||||
|
Total
current assets |
|
|
||||||
|
Non-current
assets |
||||||||
|
Restricted cash
|
|
|
||||||
|
Other long-term receivables
|
|
|
||||||
|
Deferred costs in respect
of projects |
|
|
||||||
|
Deferred borrowing costs
|
|
|
||||||
|
Loans to investee entities
|
|
|
||||||
|
Investments in equity
accounted investees |
|
|
||||||
|
Fixed assets, net
|
|
|
||||||
|
Intangible assets, net
|
|
|
||||||
|
Deferred taxes assets
|
|
|
||||||
|
Right-of-use asset, net
|
|
|
||||||
|
Financial assets at fair
value through profit or loss |
|
|
||||||
|
Other financial assets
|
|
|
||||||
|
Total
non-current assets |
|
|
||||||
|
Total
assets |
|
|
||||||
Consolidated
Statements of Financial Position as of (Cont.)
|
June
30 |
December
31 |
|||||||
|
2026
|
2025
|
|||||||
|
USD
in |
USD
in |
|||||||
|
Thousands
|
Thousands
|
|||||||
|
Liabilities
and equity |
||||||||
|
Current
liabilities |
||||||||
|
Credit and current maturities
of loans from banks and other financial institutions |
|
|
||||||
|
Trade payables
|
|
|
||||||
|
Other payables
|
|
|
||||||
|
Current maturities of
debentures |
|
|
||||||
|
Current maturities of
lease liability |
|
|
||||||
|
Other financial liabilities
|
|
|
||||||
|
Total
current liabilities |
|
|
||||||
|
Non-current
liabilities |
||||||||
|
Debentures
|
|
|
||||||
|
Other financial liabilities
|
|
|
||||||
|
Convertible debentures
|
|
|
||||||
|
Loans from banks and
other financial institutions |
|
|
||||||
|
Loans from non-controlling
interests |
|
|
||||||
|
Financial liabilities
through profit or loss |
|
|
||||||
|
Deferred taxes liabilities
|
|
|
||||||
|
Employee benefits
|
|
|
||||||
|
Lease liability
|
|
|
||||||
|
Deferred income related
to tax equity |
|
|
||||||
|
Asset retirement obligation
|
|
|
||||||
|
Total
non-current liabilities |
|
|
||||||
|
Total
liabilities |
|
|
||||||
|
Equity
|
||||||||
|
Ordinary share capital
|
|
|
||||||
|
Share premium
|
|
|
||||||
|
Capital reserves
|
|
|
||||||
|
Proceeds on account of
convertible options |
|
|
||||||
|
Accumulated profit
|
|
|
||||||
|
Equity attributable to
shareholders of the Company |
|
|
||||||
|
Non-controlling interests
|
|
|
||||||
|
Total
equity |
|
|
||||||
|
Total
liabilities and equity |
|
|
||||||
Consolidated
Statements of Cash Flows
|
For
the six months ended
June
30 |
For
the three months ended
June
30 |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
USD
in |
USD
in |
USD
in |
USD
in |
|||||||||||||
|
Thousands
|
Thousands
|
Thousands
|
Thousands
|
|||||||||||||
|
Cash
flows for operating activities |
||||||||||||||||
|
Profit for the period
|
|
|
|
|
||||||||||||
|
Income
and expenses not associated with cash flows: |
||||||||||||||||
|
Depreciation and amortization
|
|
|
|
|
||||||||||||
|
Finance expenses, net
|
|
|
|
|
||||||||||||
|
Share-based compensation
|
|
|
|
|
||||||||||||
|
Taxes on income
|
|
|
|
|
||||||||||||
|
Tax benefits
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Other income (expenses),
net |
(
|
)
|
(
|
)
|
|
(
|
)
| |||||||||
|
Company’s share
in losses of investee partnerships |
|
|
|
|
||||||||||||
|
Gains from projects disposals
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
|
|
|
|
|||||||||||||
|
Changes
in assets and liabilities items: |
||||||||||||||||
|
Change in other receivables
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
Change in trade receivables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Change in other payables
|
|
|
|
|
||||||||||||
|
Change in trade payables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
Income Tax paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Net
cash from operating activities |
|
|
|
|
||||||||||||
|
Cash
flows for investing activities |
||||||||||||||||
|
Sale (Acquisition) of
consolidated entities, net |
(
|
)
|
|
(
|
)
|
(
|
)
| |||||||||
|
Sale of investee entities
|
|
|
|
|
||||||||||||
|
Changes in restricted
cash and bank deposits, net |
|
|
|
|
||||||||||||
|
Purchase, development,
and construction in respect of projects |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Interest receipts (*)
|
|
|
|
|
||||||||||||
|
Loans provided and Investment
in investees |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Repayment of loans to
investees |
|
|
|
|
||||||||||||
|
Payments on account of
acquisition of consolidated company |
(
|
)
|
(
|
)
|
(
|
)
|
|
|||||||||
|
Purchase of long-term
financial assets measured at fair value through profit or loss, net |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Net
cash used in investing activities |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
Consolidated
Statements of Cash Flows (Cont.)
|
For
the six months ended
June
30 |
For
the three months ended
June
30 |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
USD
in |
USD
in |
USD
in |
USD
in |
|||||||||||||
|
Thousands
|
Thousands
|
Thousands
|
Thousands
|
|||||||||||||
|
Cash
flows from financing activities |
||||||||||||||||
|
Receipt of loans from
banks and other financial institutions |
|
|
|
|
||||||||||||
|
Repayment of loans from
banks and other financial institutions |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Interest paid (*)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Issuance of debentures
|
|
|
|
|
||||||||||||
|
Issuance of convertible
debentures |
|
|
|
|
||||||||||||
|
Repayment of debentures
|
|
(
|
)
|
|
|
|||||||||||
|
Dividends and distributions
by subsidiaries to non-controlling interests |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Proceeds from investments
by tax-equity investors |
|
|
|
|
||||||||||||
|
Repayment of tax-equity
investment |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Deferred borrowing costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Receipt of loans from
non-controlling interests |
|
|
|
|
||||||||||||
|
Repayment of loans from
non-controlling interests |
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Increase in holding rights
of consolidated entity |
|
(
|
)
|
|
|
|||||||||||
|
Issuance of shares
|
|
|
|
|
||||||||||||
|
Exercise of share options
|
|
|
|
|
||||||||||||
|
Repayment of lease liability
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Proceeds from investment
in entities by non-controlling interest |
|
|
|
|
||||||||||||
|
Net
cash from financing activities |
|
|
|
|
||||||||||||
|
Increase
in cash and cash equivalents |
|
|
|
|
||||||||||||
|
Balance
of cash and cash equivalents at beginning of period |
|
|
|
|
||||||||||||
|
Effect
of exchange rate fluctuations on cash and cash equivalents |
|
|
|
|
||||||||||||
|
Cash
and cash equivalents at end of period |
|
|
|
|
||||||||||||
(*)
See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid
Information
related to Segmental Reporting
|
For
the six months ended June 30, 2026 |
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Total
|
|||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
|
||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
(
|
)
|
|
|||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||
|
Gains from projects disposals
(**) |
(
|
)
| ||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||
|
Share of the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development
expenses (excluding depreciation and amortization and share based compensation). |
| (**) |
Reconciliation between EBITDA and operating profit
reflecting the realization of revaluation gains from an asset revalued in 2025. |
Information
related to Segmental Reporting
|
For
the six months ended June 30, 2025 |
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Total
|
|||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
|
||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
|
|
||||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||
|
Gains from projects disposals
|
|
|||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||
|
Share of the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development
expenses (excluding depreciation and amortization and share based compensation). |
Information
related to Segmental Reporting
|
For
the three months ended June 30, 2026 |
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Total
|
|||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
|
||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
(
|
)
|
|
|||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||
|
Gains from projects disposals
(**) |
(
|
)
| ||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||
|
Share of the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development
expenses (excluding depreciation and amortization and share based compensation). |
| (**) |
Reconciliation between EBITDA and operating profit
reflecting the realization of revaluation gains from an asset revalued in 2025. |
Information
related to Segmental Reporting
|
For
the three months ended June 30, 2025 |
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Total
|
|||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
|
||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
|
|
||||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||
|
Gains from projects disposals
|
|
|||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||
|
Share of the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development
expenses (excluding depreciation and amortization and share based compensation). |
|
Appendix
2 - Reconciliations between Net Income to Adjusted EBITDA |
|
($
thousands) |
|
For
the six months |
|
For
the three months | ||||
|
ended
June 30 |
ended
June 30 | |||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net
Income |
|
68,985 |
107,372 |
31,177 |
5,569 | |||
|
Depreciation and amortization |
|
98,106 |
71,017 |
47,384 |
37,228 | |||
|
Share based compensation |
|
10,042 |
2,994 |
4,941 |
1,284 | |||
|
Finance income |
|
(20,260) |
(8,166) |
(11,264) |
(1,471) | |||
|
Finance expenses |
|
104,554 |
82,286 |
60,371 |
52,083 | |||
|
Gains from projects disposals |
28,905
(**) |
(55,336) (*) |
17,003
(**) |
(363) (*) | ||||
|
Share of losses of equity
accounted investees |
|
1,421 |
1,645 |
428 |
418 | |||
|
Taxes on income |
|
22,498 |
25,606 |
10,220 |
955 | |||
|
Adjusted
EBITDA |
|
314,251 |
227,418 |
160,260 |
95,703 | |||
|
* Net profit
from deconsolidation and revaluation following the partial sale of an asset (Sunlight cluster).
**
Contribution to Adjusted EBITDA from the sale of an additional stake in the deconsolidated asset (Sunlight cluster). For more information
regarding the composition of Adjusted EBITDA, refer to the description appearing in the “Non-IFRS financial measures”
section of this press release. |
Appendix
3 – Debentures Covenants
Debentures
Covenants
As of June 30, 2026,
the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based
on having achieved the following in its consolidated financial results:
Minimum
equity
The company's equity
shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures
C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.
As of June 30, 2026,
the company’s equity amounted to NIS 7,280 million (USD 2,445 million).
Net
financial debt to net CAP
The ratio of standalone
net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and
shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.
As of June 30, 2026,
the net financial debt to net CAP ratio, as defined above, stands at 33%.
Net
financial debt to EBITDA
So long as debentures
F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall
not exceed 18 for more than two consecutive financial periods.
For as long as debentures
C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial
periods.
For as long as debentures
G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial
periods.
As of June 30, 2026,
the net financial debt to EBITDA ratio, as defined above, stands at 5.5.
Equity
to balance sheet
The standalone equity
to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods
for as long as debentures F, debentures C and D and debentures G and H remain outstanding.
As of June 30, 2026,
the equity to balance sheet ratio, as defined above, stands at 57%.
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 six months ended |
||||||
|
June
30, 2025 |
|||||||
|
|
|
As
reported |
|
Adjustment
|
|
As
adjusted |
|
|
Net cash from operating
activities |
|
|
|
|
|||
|
Net cash used in investing
activities |
|
(
|
|
(
|
|||
|
Net cash from financing
activities |
|
|
(
|
|
|||
|
Increase
in cash and cash equivalents |
|
|
|
|
|||
|
($
thousands) |
For
the three months ended |
||||||
|
June
30, 2025 |
|||||||
|
|
|
As
reported |
|
Adjustment
|
|
As
adjusted |
|
|
Net cash from operating
activities |
|
|
|
|
|||
|
Net cash used in investing
activities |
|
(
|
|
(
|
|||
|
Net cash from financing
activities |
|
|
(
|
|
|||
|
Increase
in cash and cash equivalents |
|
|
|
|
|||
Appendix
5
a)
Segment information: Operational projects
|
($
thousands) |
6 Months
ended June 30 |
3
Months ended June 30 | ||||||||||||
|
Operational
Project Segments |
Installed
Capacity (MW) |
Installed
Storage (MWh) |
Generation (GWh) |
Revenues
and
income |
Segment
Adjusted EBITDA1 |
Generation (GWh) |
Reported
Revenue |
Segment
Adjusted EBITDA1 | ||||||
|
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 | |||
|
MENA |
676 |
947 |
766 |
695 |
141,371 |
95,636 |
92,439 |
64,387 |
393 |
378 |
76,869 |
52,769 |
49,247 |
38,637 |
|
Europe |
1,327 |
- |
1,483 |
1,353 |
113,321 |
99,184 |
85,484 |
82,226 |
623 |
649 |
52,260 |
47,800 |
38,900 |
37,563 |
|
USA |
896 |
2,540 |
1,013 |
519 |
153,499 |
68,980 |
138,078 |
59,913 |
599 |
310 |
79,860 |
34,191 |
72,044 |
29,364 |
|
Total
Consolidated |
2,899 |
3,487 |
3,262 |
2,567 |
408,191 |
263,800 |
316,002 |
206,526 |
1,615 |
1,337 |
208,989 |
134,760 |
160,192 |
105,564 |
|
Unconsolidated at Share |
28 |
47 |
||||||||||||
|
Total |
2,927 |
3,534 |
||||||||||||
b) Operational
Projects Further Detail
|
($
thousands) |
|
6 Months
ended June 30, 2026 |
3 Months
ended June 30, 2026 |
||||||||||
|
Operational Project |
Segment |
Installed
Capacity (MW) |
Installed
Storage (MWh) |
Revenues
and
income |
Segment
Adjusted
EBITDA1 |
Reported
Revenue |
Segment
Adjusted EBITDA1 |
Debt
balance as of June 30, 2026 |
Ownership
% 2 | ||||
|
MENA
Wind |
MENA |
316 |
- |
56,745 |
|
26,763 |
|
623,803 |
49% | ||||
|
MENA
PV |
MENA |
360 |
947 |
84,626 |
|
50,106 |
|
638,053 |
84% | ||||
|
Total
MENA |
676 |
947 |
141,371 |
92,439 |
76,869 |
49,247 |
1,261,856 |
| |||||
|
Europe
Wind |
Europe |
1,184 |
- |
103,994 |
|
45,548 |
|
808,285 |
65% | ||||
|
Europe
PV |
Europe |
143 |
- |
9,327 |
|
6,712 |
|
71,490 |
73% | ||||
|
Total
Europe |
|
1,327 |
- |
113,321 |
85,484 |
52,260 |
38,900 |
897,775 |
| ||||
|
USA
PV |
USA |
894 |
2,540 |
153,499 |
|
79,860 |
|
785,440 |
100% | ||||
|
Total
USA |
894 |
2,540 |
153,499 |
138,079 |
79,860 |
72,045 |
785,440 |
||||||
|
Total
Consolidated Projects |
2,899 |
3,487 |
408,191 |
316,002 |
208,989 |
160,192 |
2,927,070 |
||||||
|
Uncons.
Projects at share |
28 |
47 |
|
|
50% | ||||||||
|
Total |
2,927 |
3,534 |
408,191 |
316,002 |
208,989 |
160,192 |
2,927,070 |
||||||
1)
For the 6 month ended June 2026, EBITDA included $1.5m of compensation recognized from Bjorenberget and excluded $30m from Sunlight sale
and $3m of compensation from Emek; For the 6 month ended June 2025 EBITDA exculded $42m from Sunlight sale
2)
Ownership % is calculated based on the project's share of total revenues
c) Projects
under construction
|
($
millions)
Consolidated
Projects |
Country |
Generation
and energy storage Capacity (MW/MWh) |
Est. COD |
Est.
Total Project Cost |
Tax
credit benefit- Qualifying category |
Tax
credit benefit- Adders3 |
Discounted
Value of Tax Benefit2 |
Est.
Total
Project
Cost net of tax benefit |
Capital
Invested as of June 30, 2026 |
Est.
Equity Required (%) |
Equity
Invested as of June 30, 2026 |
Est.
First Full Year Revenue4 |
Est.
First Full Year EBITDA4,5 |
Ownership
% 1 |
|
Country
Acres |
USA |
403/688 |
Q4
2026 |
814-855 |
ITC |
DC
(10%) |
399-419 |
415-436 |
681 |
0%-10%6 |
91 |
62-65 |
48-50 |
100% |
|
Co
Bar 1 |
USA |
258/824 |
H2
2027-
H1
2028 |
636-669 |
ITC |
EC
(10%) |
300-315 |
336-354 |
427 |
0%-10%6 |
244 |
124-130 |
97-102 |
100% |
|
Co
Bar 2+3 |
USA |
953/0 |
1,215-1,277 |
PTC |
EC
(10%) |
547-575 |
668-702 |
100% | ||||||
|
Crimson
Orchard |
USA |
120/400 |
H1
2027 |
319-335 |
ITC |
EC
(10%) +
DC
(10%
BESS
only) |
164-173 |
155-162 |
111 |
0%-10%6 |
34 |
27-28 |
20-21 |
100% |
|
Snowflake
A |
USA |
594/1,900 |
H2
2027 |
1,397-1,469 |
ITC |
EC
(10%)11 |
627-659 |
770-810 |
892 |
0%-10%6 |
159 |
123-130 |
101-106 |
100% |
|
Finland
BESS10 |
Finland |
0/902 |
H1
2028 |
173-182 |
- |
- |
- |
173-182 |
12 |
15%-25% |
12 |
47-49 |
34-35 |
51% |
|
Bertikow |
Germany |
0/881 |
H1
2028 |
187-197 |
- |
- |
- |
187-197 |
10 |
20%-30% |
10 |
37-38 |
31-32 |
50% |
|
Gecama
Solar |
Spain |
227/220 |
Q4
2026 |
197-207 |
- |
- |
- |
197-207 |
153 |
23%-28%7 |
153 |
36-38 |
29-31 |
72% |
|
Sestanovac |
Croatia |
23/75 |
Q4
2026 |
35-36 |
- |
- |
- |
35-36 |
16 |
15%-25% |
16 |
7 |
5-6 |
100% |
|
Tapolca
Bess |
Hungary |
0/140 |
Q4
26 |
21-22 |
- |
- |
- |
21-22 |
15 |
45% |
15 |
7 |
6-7 |
100% |
|
Bjornberget
– BESS |
Sweden |
0/100 |
Q3
2026 |
24-25 |
- |
- |
- |
24-25 |
18 |
100% |
18 |
3 |
2 |
55% |
|
Israel
Construction |
Israel |
7/256 |
Q3
26-
Q1
27 |
41-43 |
- |
- |
- |
41-43 |
16 |
20%-30% |
16 |
9-10 |
5 |
68% |
|
Total
Consolidated
Projects |
|
2,585/
6,386 |
|
5,059-
5,317 |
|
2,037-
2,141 |
3,022-
3,175 |
2,352 |
|
769 |
481-505 |
378-397 |
||
|
Unconsolidated
Projects
at
share10 |
Israel |
13/171 |
Q3
2026-
Q1
2027 |
35-37 |
- |
- |
- |
35-37 |
36 |
15%-20% |
36 |
6-7 |
5 |
52% |
|
Total |
|
2,598/
6,557 |
|
5,094-
5,354 |
|
2,037-
2,141 |
3,057-
3,212 |
2,388 |
|
805 |
487-512 |
383-402 |
d) Pre-Construction
Projects (due to commence construction within 12 months of the Approval Date)
|
($
millions) Consolidated Projects |
Country |
Generation
and energy storage Capacity (MW/MWh) |
Est. COD |
Est.
Total Project Cost |
Tax
Credit Benefit |
Est.
Total Project Cost net of tax benefit |
Capital
Invested as of June 30, 2026 |
Est.
Equity Required (%) |
Equity
Invested as of June 30, 2026 |
Est.
First Full Year Revenue4 |
Est.
First Full Year EBITDA4,5 |
Ownership
% 1 | ||
|
Qualifying
Category |
Adders3 |
Discounted
Value of Tax Benefit2 | ||||||||||||
|
Co
Bar 4+5 |
USA |
0/3,176 |
H1
2028 |
1,044-1,098 |
ITC |
EC
(10%) + DC (10%) |
604-635 |
440-463 |
19 |
0%-10% |
19 |
124-131 |
102-108 |
100% |
|
Nardo |
Italy |
104/872 |
2029 |
234-246 |
- |
- |
- |
234-246 |
11 |
30% |
11 |
39-41 |
32-33 |
100% |
|
Jupiter |
Germany |
150/2,166 |
H2
2028 |
538-566 |
- |
- |
- |
538-566 |
7 |
35% |
7 |
95-100 |
78-82 |
51% |
|
Karpen |
Romania |
0/848 |
H2
2028-H1 2029 |
154-162 |
- |
- |
- |
154-162 |
3 |
25%-35% |
3 |
31-33 |
26-28 |
100% |
|
Kajo |
Finland |
0/542 |
H1
2028 |
106-111 |
- |
- |
- |
106-111 |
0 |
20% |
0 |
25-26 |
18-19 |
51% |
|
Ohad
HV storage9 |
Israel |
0/675 |
H2
2028 |
117-123 |
- |
- |
- |
117-123 |
15 |
20% |
15 |
9 |
5 |
100% |
|
Neot
Smadar HV storage9 |
Israel |
0/675 |
H1
2029 |
115-121 |
- |
- |
- |
115-121 |
5 |
20% |
5 |
7 |
3 |
100% |
|
($
millions)
Additional Pre-Construction Projects |
MW
Deployment
MW/MWh
|
Est.
Total Project Cost |
Tax
Credit Benefit |
Discounted
Value of Tax Benefit2 |
Est.
Total Project Cost net of tax benefit |
Capital
Invested as of June 30, 2026 |
Est.
Equity Required (%) |
Equity
Invested as of June 30 2026 |
Est.
First Full Year Revenue4 |
Est.
First Full Year EBITDA4,5 |
Ownership
% 1
| |||
|
2027 |
2028 |
2029 |
Qualifying
Category |
Adders3 | ||||||||||
|
United
States |
128/0 |
184/0 |
255/0 |
883-929 |
ITC |
DC
(10%) & EC (10%)8 |
439-462 |
444-467 |
53 |
10%-20% |
53 |
61-65 |
48-50 |
100% |
|
Europe |
0/316 |
0/208 |
- |
94-99 |
- |
- |
- |
94-99 |
3 |
30%-100% |
3 |
20-21 |
15-16 |
87% |
|
MENA |
5/526 |
86/356 |
- |
301-316 |
- |
- |
- |
301-316 |
14 |
20%-40% |
14 |
59-62 |
21-22 |
95% |
|
Total
Consolidated Projects |
133/842 |
270/564 |
255/0 |
3,586-3,771 |
1,043-1,097 |
2,543-2,674 |
131 |
|
131 |
470-495 |
358-378 |
|||
|
Unconsolidated
Projects at share10 |
0/26 |
0/7 |
- |
5 |
- |
- |
- |
5 |
1 |
15%-20% |
1 |
1 |
1 |
56% |
|
Total
Pre-Construction |
912MW
+10,393MWh |
3,591-3,776 |
1,043-1,097 |
2,548-2,679 |
132 |
|
132 |
471-496 |
359-379 |
|||||
1) 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
2) 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 transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.
3)
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
4)
Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits
5) 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
6) The
required equity during construction is estimated at 10% and is expected to decrease to 0% at COD
7) Gecama Solar’s
debt is held under Gecama Wind. As of June 30, 2026, the solar project had $41m USD drawn
8)
Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);
9)
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 $55 million per year
10)
All numbers, beside equity invested, reflects Enlight share only
11)
In the previous quarter, the Snowflake A BESS project was presented as expected to be eligible for the Domestic Content (“DC”)
Adder. The project will not meet the applicable requirements for the DC adder. However, the removal of the DC adder is offset by
significant savings capital expenditure of the new alternative equipment resulting in a negligible impact on the project’s economics
e) Additional
information on tax equity investments
|
Tax
equity investment |
Tax
equity partner's share of project tax credits, cash flows, and taxable income | |||||||
|
($
millions) Projects* |
Est.
Total Project Cost |
Upfront
tax equity investment |
Tax
credit proceeds during the project's operation ("pay-go") |
Share
of ITC/PTC tax credit allocated to tax equity partner |
Share
of taxable income initial period |
Duration
of initial period for share of taxable income (years) |
Share
in project cash flow initial period (second period) |
Duration
of initial period for share in project cash flow (years) |
|
Atrisco
PV |
369 |
198 |
55 |
Confidential |
Confidential |
Confidential |
17.5%
(5%) |
10 |
|
Atrisco
BESS |
458 |
266 |
- |
Confidential |
Confidential |
Confidential |
23%
(7%) |
5 |
|
Quail
Ranch |
274 |
131 |
18 |
99% |
99% |
10 |
10%
(5%) |
10 |
|
Roadrunner |
621 |
337 |
55 |
99% |
99% |
5-10 |
10%-12%
(5%) |
10 |
* Apex financing
was structured as a sale and leaseback and therefore not included in the table above
Appendix
6 – cash and cash equivalents
|
($
thousands) |
June
30, 2026 | ||||
|
Cash and Cash Equivalents: |
|
|
|
||
|
Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) |
876,801 | ||||
|
Subsidiaries |
|
|
|
286,933 | |
|
Deposits: |
|||||
|
Short term deposits |
|
|
|
2,280 | |
|
Restricted Cash: |
|||||
|
Projects under construction |
|
|
|
122,735 | |
|
Reserves, including debt service, performance obligations and others |
133,009 | ||||
|
Total Cash |
|
|
1,421,758 | ||
Appendix
7 – Corporate level (TopCo) debt
|
($
thousands) |
June
30, 2026 |
|
Debentures: |
|
|
Debentures |
1,041,225* |
|
Convertible debentures |
287,992 |
|
Loans
from banks and other financial institutions: |
|
|
Credit and short-term
loans from banks and other financial institutions |
67,665 |
|
Loans from banks and
other financial institutions |
116,659 |
|
Total
corporate level debt |
1,513,541 |
*
Including current maturities of debentures in the amount of 186,745
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 30th June 2026 |
1.14 |
0.34 |
|
As of 30th June 2025 |
1.13 |
0.28 |
|
Average
for the 3 months period ended: |
||
| June 2026 | 1.16 | 0.34 |
| June 2025 | 1.17 | 0.30 |
Exhibit 99.2
