Enlight Renewable Energy .(ENLT) - 2025 Q2 - Quarterly Report

Executive Summary & Financial Highlights Enlight Renewable Energy reported strong Q2 and 1H 2025 financial results, raised full-year guidance, announced leadership changes, and outlined a positive market and strategic outlook Second Quarter and First Half 2025 Financial Performance Enlight Renewable Energy reported strong financial results for Q2 and 1H 2025, with significant year-over-year growth in revenues, net income (for 1H), and Adjusted EBITDA, though Q2 net income decreased due to foreign exchange impacts and increased financial expenses Financial Performance Summary (Millions USD) | ($ millions) | 30/06/2025 (3 months) | 30/06/2024 (3 months) | % change (3 months) | 30/06/2025 (6 months) | 30/06/2024 (6 months) | % change (6 months) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues and Income | 135 | 88 | 53% | 265 | 182 | 46% | | Net Income | 6 | 9 | (41)% | 107 | 34 | 216% | | Adjusted EBITDA | 96 | 61 | 57% | 227 | 133 | 71% | | Cash Flow from Operating Activities | 48 | 56 | (15)% | 91 | 91 | 0% | - Q2 2025 Net Income decreased by 41% YoY to $6 million, primarily due to a $12 million non-cash accounting reduction from foreign exchange differentials on a dollar-denominated loan to a subsidiary and an $8 million increase in other financial expenses. New projects contributed $15 million to net income[4][26] Full Year 2025 Guidance Update Following strong first-half results, Enlight Renewable Energy has raised its full-year 2025 guidance for both revenue and Adjusted EBITDA, reflecting increased confidence in its operational performance Full Year 2025 Guidance (Millions USD) | Metric | Previous Guidance (millions) | New Guidance (millions) | Midpoint Increase | | :--- | :--- | :--- | :--- | | Revenue | $490-$510 | $520-$535 | 5.5% | | Adjusted EBITDA | $360-$380 | $385-$400 | 6.0% | Executive Leadership Changes Effective October 1, 2025, Adi Leviatan will assume the role of CEO, succeeding Gilad Yavetz, who will transition to full-time Executive Chairman of the Board, with Yair Seroussi becoming Vice Chairman - Adi Leviatan will become CEO on October 1, 2025, with current CEO Gilad Yavetz appointed as Executive Chairman of the Board. Yair Seroussi will serve as Vice Chairman[7][10] Market Environment and Strategic Outlook The company observes a positive and stable market environment across its operating regions, particularly benefiting from favorable U.S. reconciliation bill terms for solar and storage, and continued growth in European and MENA markets, while advancing its roadmap to add 2 to 4 FGW of capacity by the end of 2028 - The recently passed reconciliation bill is favorable for utility-scale solar and storage segments, providing significant growth opportunities, especially for energy storage projects due to extended tax credit eligibility[8] - Europe and MENA markets continue to show strong demand for renewable energy generation and storage[8] - Enlight is progressing towards constructing an additional 2 to 4 FGW (Factored GW) for commercial operation by the end of 2028, with 1 to 2 FGW expected in the U.S. This is projected to increase the total annual revenue run rate to $1.9-2.2 billion by the end of 2028[9] Portfolio Review Enlight's total portfolio expanded to 35.3 FGW, with significant growth in mature assets and strategic development across operating, under construction, and pre-construction phases Total Portfolio Overview Enlight's total portfolio has expanded to 35.3 FGW, a 17% increase from the end of 2024, comprising 20.0 GW of generation capacity and 53.4 GWh of energy storage, with the mature portfolio also growing by 7% to 9.2 FGW Enlight's Total Portfolio Summary | Component | Status | FGW | Annual revenues & income run rate ($m) | | :--- | :--- | :--- | :--- | | Operating | Commercial operation | 3.1 | ~527 | | Under Construction | Under construction | 2.9 | ~550 | | Pre-Construction | 0-12 months to start of construction | 3.2 | ~450 | | Total Mature Portfolio | Mature | 9.2 | ~1,500 | | Advanced Development | 13-24 months to start of construction | 6.0 | - | | Development | 2+ years to start of construction | 20.1 | - | | Total Portfolio | | 35.3 | - | - The total portfolio increased by 17% from 30.2 FGW at the end of 2024 to 35.3 FGW, including 20.0 GW generation capacity and 53.4 GWh energy storage[11] - The Mature portfolio grew by 7% from 8.6 FGW at the end of 2024 to 9.2 FGW, consisting of 6.2 GW generation capacity and 10.3 GWh storage[11] Operating Portfolio Details The operating component of the portfolio stands at 3.1 FGW, generating approximately $527 million in annualized revenues, with a new floating PV and storage project in Israel, Bar-On (67 FMW), commencing operation in Q2 - The operating portfolio is 3.1 FGW and generates approximately $527 million in annualized revenues and income[12][13] - Bar-On floating PV and storage (67 FMW) in Israel entered into operation during Q2 2025[13] Under Construction Portfolio Details The under construction portfolio is 2.9 FGW, primarily consisting of four U.S. projects totaling 2.5 FGW, with Snowflake A (1.1 FGW) in Arizona moving to under construction status in Q2, and these projects are expected to contribute approximately $550 million to annual revenues upon full operation - The under construction portfolio is 2.9 FGW, with four U.S. projects accounting for 2.5 FGW[12][13] - Snowflake A (1.1 FGW) in Arizona entered under construction status during Q2 2025[13] - Projects under construction are projected to add approximately $550 million to the annual revenues and income run rate in their first full year of operation[13] Pre-Construction Portfolio Details The pre-construction portfolio stands at 3.2 FGW and is expected to contribute approximately $450 million in revenues during its first full year of operations, with significant additions including Iftah HV (Israel) and the Nardo expansion (Italy), projecting total operating capacity to reach 9.2 FGW and $1.5 billion in annualized revenue by 2028 upon completion of all mature portfolio projects - The pre-construction portfolio is 3.2 FGW and is expected to contribute approximately $450 million in revenues and income in its first full year of operations[14][16] - New additions to the development portfolio include Iftah HV (184 FMW) in Israel and the Nardo expansion (192 FMW) in Italy[16] - Upon completion of the current Mature portfolio's pre-construction and under construction projects, Enlight's Mature portfolio operating capacity is expected to rise to 9.2 FGW and generate an annualized revenue and income run rate of $1.5 billion by 2028[14] Advanced Development Portfolio Details The advanced development portfolio totals 6.0 FGW, with 5.1 FGW located in the U.S., where 100% of the capacity has completed the System Impact Study, and the remaining capacity distributed across Europe (0.5 FGW) and MENA (0.4 FGW) - The advanced development portfolio is 6.0 FGW, with 5.1 FGW in the U.S. (100% passed System Impact Study), 0.5 FGW in Europe, and 0.4 FGW in MENA[14] Development Portfolio Details The development portfolio comprises 20.1 FGW, with a significant portion (13.0 FGW) in the U.S. across various regions (PJM, WECC, SPP, MISO), while Europe accounts for 3.4 FGW and MENA for 3.7 FGW - The development portfolio is 20.1 FGW, including 13.0 FGW in the U.S. (PJM, WECC, SPP, MISO regions), 3.4 FGW in Europe, and 3.7 FGW in MENA[15] Project and Corporate Finance Enlight plans significant construction and commissioning activities through 2028, supported by strong financial closings and robust liquidity Construction and Commissioning Outlook Enlight plans to commence construction on 4.8 FGW of capacity in 2025, with 2.9 FGW already underway, expecting these projects to add substantial revenue and EBITDA run rates between 2025 and 2028, and approximately 0.8 FGW slated for commissioning by the end of 2025 - Enlight plans to commence construction on 4.8 FGW of capacity in 2025, with 2.9 FGW already started[18] - These projects are expected to add approximately $827-869 million in revenues and income run rate and $726-763 million in annualized EBITDA gradually through 2025-2028[18] - Approximately 0.8 FGW is expected to be commissioned by the end of 2025, adding $142-150 million to annualized revenues and income and $123-129 million to annualized EBITDA[20] Financial Closings and Liquidity During Q2, Enlight secured $310 million in financial closings for the Gecama hybridization project in Spain, maintaining strong liquidity with $525 million in credit facilities (only $9 million drawn) and cash and cash equivalents increasing to $480 million from $387 million at the end of 2024 - The Company secured $310 million in financial closings for the Gecama hybridization project in Spain during Q2 2025[19] - Cash and cash equivalents increased to $480 million as of June 30, 2025, up from $387 million at the end of 2024[19] - Enlight maintained $525 million in credit facilities, with only $9 million drawn, and has approximately $1 billion in LC and surety bond facilities, half of which was available at quarter-end[19] Detailed Financial Results Analysis Enlight's Q2 2025 revenues significantly increased, driven by new projects and tax benefits, while net income decreased due to foreign exchange impacts and higher financial expenses, though Adjusted EBITDA saw strong growth Revenues & Income Total revenues and income for Q2 2025 increased by 53% year-over-year to $135 million, driven by a 37% rise in electricity sales and a 478% increase in tax benefit income, with new operational projects, particularly Atrisco and the Israel Solar and Storage Cluster, as key contributors, and revenue distribution being 40% from MENA, 35% from Europe, and 25% from the U.S. Revenues and Income by Segment (Millions USD) | Segment | Q2 2025 ($m) | Q2 2024 ($m) | % change (Q2) | 1H 2025 ($m) | 1H 2024 ($m) | % change (1H) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | MENA | 53 | 38 | 40% | 96 | 66 | 45% | | Europe | 48 | 42 | 14% | 99 | 101 | (2)% | | U.S. | 34 | 5 | 526% | 69 | 10 | 593% | | Other | 0 | 3 | (93)% | 1 | 5 | (77)% | | Total Revenues & Income | 135 | 88 | 53% | 265 | 182 | 46% | - Q2 2025 total revenues and income increased by 53% YoY to $135 million, with electricity sales up 37% to $116 million and tax benefit income up 478% to $19 million[22] - New projects connected since Q2 2024 contributed $30 million to electricity sales revenue, with Atrisco adding $13 million and the Israel Solar and Storage Cluster adding $12 million. Atrisco's initial commissioning also increased tax benefit income by $16 million[23] Net Income Net income for Q2 2025 decreased by 41% year-over-year to $6 million, primarily due to a $12 million non-cash accounting reduction from foreign exchange differentials and an $8 million increase in other financial expenses, despite a $15 million contribution from new projects, with an adjusted net income (excluding FX impact) showing a 110% YoY increase to $16 million - Q2 2025 net income was $6 million, a 41% decrease from $9 million in Q2 2024[26] - The decrease was mainly due to a $12 million non-cash accounting reduction from foreign exchange differentials on a dollar-denominated loan to a subsidiary and an $8 million increase in other financial expenses (after tax)[26] - New projects contributed $15 million to net income. Adjusting for the foreign currency accounting reduction, net income would have been $16 million, a 110% increase YoY[26] Adjusted EBITDA Adjusted EBITDA for Q2 2025 increased by 57% year-over-year to $96 million, primarily driven by factors contributing to revenue and income increases, partially offset by a $13 million rise in Cost of Goods Sold (COGS) due to new projects and a $3 million increase in operating expenses - Adjusted EBITDA grew by 57% to $96 million in Q2 2025, up from $61 million in Q2 2024[27] - The increase was driven by factors contributing to revenue and income growth, offset by a $13 million increase in COGS from new projects and a $3 million increase in operating expenses[27] Corporate Information & Disclosures Enlight provides details on its upcoming Q2 2025 conference call, defines non-IFRS financial measures, outlines forward-looking statement disclaimers, and offers an overview of the company's operations Conference Call and Investor Information Enlight Renewable Energy will host a conference call and webcast on August 6, 2025, to discuss its Q2 2025 financial results and business outlook, available in both English and Hebrew, with registration links provided for participants - Enlight will hold its Q2 2025 Conference Call and Webcasts on Wednesday, August 6, 2025, in English and Hebrew[29] - Registration links for the English conference call and webcast, and the Hebrew webcast, are provided in the release[29][30] Non-IFRS Financial Measures The release presents Adjusted EBITDA as a non-IFRS financial measure, complementing IFRS results, defined as net income (loss) adjusted for various non-cash and financial items, used by management to evaluate operational performance and for planning, but with inherent limitations compared to IFRS measures - Adjusted EBITDA is a non-IFRS financial measure provided as a complement to IFRS results[32] - Adjusted EBITDA is defined 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 non-recurring portions of other income, net. It also includes compensation for inadequate performance and realized gains/losses from asset disposals[33] - Non-IFRS measures have limitations and should not be considered in isolation or as substitutes for IFRS financial information, as other companies may calculate them differently[34] Forward-Looking Statements This press release contains forward-looking statements regarding Enlight's business strategy, project capabilities, market opportunities, future financial results, and regulatory impacts, which are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially, and the company disclaims any obligation to update these statements - The press release contains forward-looking statements covered by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995[35] - These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to be materially different, including challenges in project development, interconnection, regulatory approvals, construction delays, supply chain disruptions, competition, and market price exposure[36] - The company undertakes no obligation to update or revise publicly any forward-looking statements, except as required by applicable law[37] About Enlight Founded in 2008, Enlight Renewable Energy develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage segments, operating globally in the United States, Israel, and 10 European countries, and is dual-listed on the Tel Aviv Stock Exchange (TASE: ENLT) and Nasdaq (ENLT) - Enlight Renewable Energy, founded in 2008, develops, finances, constructs, owns, and operates utility-scale renewable energy projects[38] - The company operates across solar, wind, and energy storage segments in the United States, Israel, and 10 European countries[38] - Enlight is traded on the Tel Aviv Stock Exchange (TASE: ENLT) since 2010 and completed its U.S. IPO on Nasdaq (ENLT) in 2023[38] Appendices - Financial Statements This section provides the consolidated statements of income, financial position, and cash flows, offering a detailed view of Enlight's financial performance and health Consolidated Statements of Income The consolidated statements of income provide a detailed breakdown of revenues, expenses, and profit for the three and six months ended June 30, 2025, and 2024, including total revenues and income, operating profit, finance expenses, and net income, with adjustments made for comparability Consolidated Statements of Income (Thousands USD) | USD in thousands | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | 225,875 | 175,095 | 116,117 | 84,698 | | Tax benefits | 38,972 | 6,526 | 18,861 | 3,262 | | Total revenues and income | 264,847 | 181,621 | 134,978 | 87,960 | | Total operating expenses | (156,306) | (105,991) | (81,469) | (53,674) | | Gains from projects disposals | 97,828 | 611 | 566 | 584 | | Operating profit | 208,743 | 77,769 | 57,554 | 34,881 | | Total finance expenses, net | (74,120) | (34,246) | (50,612) | (22,818) | | Profit for the period | 107,372 | 33,944 | 5,569 | 9,459 | | Basic earnings per share | 0.80 | 0.21 | 0.75 | 0.07 | | Diluted earnings per share | 0.01 | 0.20 | 0.01 | 0.06 | - The Consolidated Statements of Income have been adjusted retrospectively to present comparable information for the previous period, reflecting changes in income statement presentation and removal of the Gross Profit line item[40][74][75] Consolidated Statements of Financial Position The consolidated statements of financial position present the company's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024, showing total assets increased to $6.82 billion, driven by growth in fixed assets and deferred costs for projects, and total liabilities also increased, primarily due to higher loans from banks and other financial institutions Consolidated Statements of Financial Position (Thousands USD) | USD in thousands | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | 6,823,695 | 5,546,885 | | Cash and cash equivalents | 480,459 | 387,427 | | Fixed assets, net | 4,747,284 | 3,699,192 | | Deferred costs in respect of projects | 448,096 | 357,358 | | Total liabilities | 5,175,252 | 4,105,951 | | Loans from banks and other financial institutions (current) | 504,684 | 212,246 | | Loans from banks and other financial institutions (non-current) | 2,294,910 | 1,996,137 | | Total equity | 1,648,443 | 1,440,934 | | Equity attributable to shareholders of the Company | 1,342,262 | 1,180,526 | - Total assets increased from $5,546,885 thousand at December 31, 2024, to $6,823,695 thousand at June 30, 2025[42][43] - Total liabilities increased from $4,105,951 thousand at December 31, 2024, to $5,175,252 thousand at June 30, 2025, primarily due to an increase in loans from banks and other financial institutions[43] Consolidated Statements of Cash Flows The consolidated statements of cash flows detail the cash movements from operating, investing, and financing activities for the three and six months ended June 30, 2025, and 2024, showing net cash from operating activities remained stable for the six-month period but decreased for the three-month period, investing activities continued to be a significant cash outflow due to project development, while financing activities provided substantial cash inflows from loans and debenture issuances Consolidated Statements of Cash Flows (Thousands USD) | USD in thousands | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net cash from operating activities | 91,149 | 91,069 | 47,536 | 55,840 | | Net cash used in investing activities | (623,021) | (514,966) | (424,456) | (278,313) | | Net cash from financing activities | 609,416 | 238,048 | 389,137 | 185,673 | | Increase (Decrease) in cash and cash equivalents | 77,544 | (185,849) | 12,217 | (36,800) | | Cash and cash equivalents at end of period | 480,459 | 208,791 | 480,459 | 208,791 | - Cash flows from operating activities for the six months ended June 30, 2025, were $91,149 thousand, largely unchanged from $91,069 thousand in the prior year[44] - Investing activities resulted in a net cash outflow of $623,021 thousand for the six-month period, primarily due to significant purchases, development, and construction of projects ($658,022 thousand)[44] - Financing activities generated $609,416 thousand in net cash for the six-month period, mainly from receipt of loans from banks and other financial institutions ($674,684 thousand) and issuance of debentures ($125,838 thousand) and convertible debentures ($114,685 thousand)[45] Appendices - Supplementary Financial Data This section provides supplementary financial data, including segment information by geography, reconciliation of net income to Adjusted EBITDA, debenture covenants, foreign exchange rate sensitivities, and detailed project information Segment Information by Geography Enlight's financial results are segmented into MENA, Europe, and USA, reflecting the company's organizational restructuring, with the U.S. segment showing exceptional growth in revenues and income for both the three and six-month periods, while Europe experienced a slight decline in the six-month period, and MENA consistently demonstrated strong growth Total Revenues and Income by Segment (Thousands USD) | Segment | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | MENA | 95,637 | 66,041 | 52,770 | 37,567 | | Europe | 99,184 | 101,123 | 47,800 | 41,963 | | USA | 68,980 | 9,957 | 34,191 | 5,462 | | Others | 1,046 | 4,500 | 217 | 2,968 | | Total | 264,847 | 181,621 | 134,978 | 87,960 | - The U.S. segment's total revenues and income grew by 593% for the six months and 526% for the three months ended June 30, 2025, compared to the prior year[21] - The Company's organizational restructuring led to segmenting results into MENA, Europe, and the US, excluding the Management and Construction segment, with comparative figures updated accordingly[47] Reconciliation of Net Income to Adjusted EBITDA This section provides a reconciliation of Net Income to Adjusted EBITDA, detailing the adjustments made for non-cash items and other financial metrics, with Adjusted EBITDA for the six months ended June 30, 2025, at $227,418 thousand, and for the three months, at $95,703 thousand Reconciliation of Net Income to Adjusted EBITDA (Thousands USD) | ($ thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (loss) | 107,372 | 33,944 | 5,569 | 9,459 | | Depreciation and amortization | 71,017 | 50,886 | 37,228 | 25,282 | | Share based compensation | 2,994 | 4,085 | 1,284 | 968 | | Finance income | (8,166) | (15,065) | (1,471) | (7,000) | | Finance expenses | 82,286 | 49,311 | 52,083 | 29,818 | | Gains from projects disposals () | (55,336) | - | (363) | - | | Share of losses of equity accounted investees | 1,645 | 449 | 418 | 305 | | Taxes on income | 25,606 | 9,130 | 955 | 2,299 | | Adjusted EBITDA | 227,418 | 132,740 | 95,703 | 61,131 | Debentures Covenants As of June 30, 2025, Enlight was in compliance with all financial covenants for its Series C, D, F, G, and H Debentures, maintaining equity significantly above minimum requirements, and its net financial debt to net CAP and net financial debt to EBITDA ratios were well within the stipulated limits - As of June 30, 2025, Enlight was in compliance with all financial covenants for its Series C, D, F, G, and H Debentures[52] Debenture Covenants Compliance (as of June 30, 2025) | Covenant | Requirement | Company's Status | | :--- | :--- | :--- | | Minimum equity | NIS 375m (F), NIS 1,250m (C,D), USD 600m (G,H) | NIS 5,559m (USD 1,648m) | | Net financial debt to net CAP | Not exceed 70% (F), 65% (C,D,G,H) for 2 consecutive periods | 40% | | Consolidated financial debt to EBITDA | Not exceed 18 (F), 15 (C,D), 17 (G,H) for 2 consecutive periods | 7 | | Equity to total balance sheet | Not less than 20% (F), 25% (C,D), 28% (G,H) for 2 consecutive periods | 53% | Foreign Exchange Rate Sensitivities Enlight's revenues are sensitive to fluctuations in foreign exchange rates, particularly USD/ILS and USD/EUR, where a 5% change in either rate individually would result in approximately a $5 million change in revenues, while a combined 5% change in both would lead to an estimated $11 million change for FY25 - A 5% change in the USD/ILS exchange rate would result in a ~$5 million change in revenues for FY25[62] - A 5% change in the USD/EUR exchange rate would result in a ~$5 million change in revenues for FY25[62] - A combined 5% change in both USD/EUR and USD/ILS exchange rates would result in an ~$11 million change in revenues for FY25[62] Operational Projects Details Detailed information on operational projects by segment (MENA, Europe, USA) is provided, including installed capacity, generation, revenues, and Adjusted EBITDA, with the USA segment showing significant growth in generation and revenue for the six-month period, reflecting the impact of new projects Operational Project Segments (6 Months Ended June 30) | Segment | Installed Capacity (MW) | Installed Storage (MWh) | Generation (GWh) 2025 | Revenues and income 2025 ($ thousands) | Segment Adjusted EBITDA 2025 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | MENA | 675 | 797 | 695 | 95,636 | 64,387 | | Europe | 1,327 | - | 1,353 | 99,184 | 82,226 | | USA | 470 | 1,200 | 519 | 68,980 | 59,913 | | Total Consolidated | 2,472 | 1,997 | 2,567 | 263,800 | 206,526 | Operational Project Segments (3 Months Ended June 30) | Segment | Generation (GWh) 2025 | Reported Revenue 2025 ($ thousands) | Segment Adjusted EBITDA* 2025 ($ thousands) | | :--- | :--- | :--- | :--- | | MENA | 378 | 52,769 | 38,637 | | Europe | 649 | 47,800 | 37,563 | | USA | 310 | 34,191 | 29,364 | | Total Consolidated | 1,337 | 134,760 | 105,564 | - The USA segment's generation increased significantly from 73 GWh in 1H 2024 to 519 GWh in 1H 2025, and its revenues and income rose from $9,957 thousand to $68,980 thousand in the same period[63] Projects Under Construction Details This section provides a detailed breakdown of projects currently under construction, including their generation and energy storage capacity, estimated Commercial Operation Date (COD), total project cost, and expected first full year revenue and EBITDA, highlighting key projects such as Country Acres, Quail Ranch, Roadrunner, and Snowflake A in the USA, and Gecama Solar in Spain Consolidated Projects Under Construction (Selected) | Project | Country | Capacity (MW/MWh) | Est. COD | Est. Total Project Cost ($m) | Est. First Full Year Revenue ($m) | Est. First Full Year EBITDA ($m) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Country Acres | USA | 403/688 | H2 2026 | 793-834 | 61-63 | 44-46 | | Quail Ranch BESS | USA | 0/400 | H2 2025 | 126-132 | 23-24 | 16-17 | | Roadrunner BESS | USA | 0/940 | H2 2025 | 332-350 | 52-55 | 39-40 | | Snowflake A | USA | 600/1,900 | 2027 | 1,476-1,552 | 124-130 | 100-105 | | Gecama Solar | Spain | 225/220 | H2 2026 | 215-225 | 43-45 | 35-37 | | Total Consolidated Projects | | 1,650/4,317 | | 3,419-3,595 | 315-330 | 246-257 | - The total estimated project cost for consolidated projects under construction ranges from $3,419 million to $3,595 million[65] - These projects are expected to generate $315-330 million in first full year revenue and $246-257 million in first full year EBITDA[65] Pre-Construction Projects Details This section outlines projects due to commence construction within 12 months, providing details on capacity, estimated COD, project costs, and projected first full year revenue and EBITDA, highlighting significant U.S. projects like CoBar ITC and PTC, alongside projects in Sweden (Picasso BESS) and Italy (Nardo expansion) Consolidated Pre-Construction Projects (Selected) | Project | Country | Capacity (MW/MWh) | Est. COD | Est. Total Project Cost ($m) | Est. First Full Year Revenue ($m) | Est. First Full Year EBITDA ($m) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CoBar ITC | United States | 258/824 | H2 2027 | 612-644 | 126-132 | 99-104 | | CoBar PTC | United States | 953/0 | H2 2027 | 1,115-1,173 | 126-132 | 99-104 | | Picasso BESS | Sweden | 0/221 | H1 2027 | 40-42 | 7-8 | 5-6 | | Nardo | Italy | 97/1,254 | H1 2028 | 235-247 | 42-44 | 36-37 | | Total Consolidated Projects | | 1,473-1,549 | | 3,520-3,701 | 311-327 | 240-253 | - Total estimated project cost for pre-construction consolidated projects ranges from $3,520 million to $3,701 million[67] - These projects are expected to generate $311-327 million in first full year revenue and $240-253 million in first full year EBITDA[67] Tax Equity Investments This section provides information on tax equity investments for projects like Atrisco PV and Atrisco BESS, detailing the estimated total project cost, upfront tax equity investment, tax credit proceeds, and the tax equity partner's share in cash flows over initial and subsequent periods Tax Equity Investments (Selected Projects) | Projects* | Est. Total Project Cost ($m) | Upfront tax equity investment ($m) | Tax credit proceeds during the project's operation ("pay-go") ($m) | 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 | 17.5% (5)% | 10 | | Atrisco BESS | 458 | 222 | - | 19.0% (5)% | 5 | - The Apex financing was structured as a sale and leaseback and is not included in the tax equity investments table[69] Appendices - Other Financial Information This section details Enlight's cash and corporate debt breakdown, functional currency conversion rates, and structural changes to its consolidated income statements for improved financial reporting Cash and Cash Equivalents Breakdown As of June 30, 2025, Enlight's total cash amounted to $631,111 thousand, with $480,459 thousand in cash and cash equivalents, split between the Topco and its subsidiaries, and restricted cash, including for projects under construction and reserves, totaling $150,652 thousand Cash and Cash Equivalents (June 30, 2025) | Category | Amount ($ thousands) | | :--- | :--- | | Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries ("Topco") | 123,464 | | Subsidiaries | 356,995 | | Cash and Cash Equivalents | 480,459 | | Restricted Cash (Projects under construction) | 86,164 | | Restricted Cash (Reserves) | 64,488 | | Total Cash | 631,111 | Corporate Level Debt As of June 30, 2025, Enlight's corporate level debt totaled $1,008,659 thousand, primarily comprising debentures, convertible debentures, and loans from banks and other financial institutions Corporate Level Debt (June 30, 2025) | Category | Amount ($ thousands) | | :--- | :--- | | Debentures | 634,586 | | Convertible debentures | 257,647 | | Loans from banks and other financial institutions | 116,426 | | Total corporate level debt | 1,008,659 | - Debentures include current maturities in the amount of $25,414 thousand[71] Functional Currency Conversion Rates The financial statements of Enlight's subsidiaries are prepared in their respective functional currencies and then translated into Israeli Shekel (NIS), the company's functional currency, before being presented in U.S. dollars (USD) for consolidated financial statements, with conversion rates for Euro and NIS to USD provided for June 30, 2025, and 2024, and for the average of the three-month periods - Subsidiaries' financial statements are prepared in their functional currency, translated into NIS (Company's Functional Currency), and then consolidated into USD[72] FX Rates to USD | Date/Period | Euro | NIS | | :--- | :--- | :--- | | As of 30th June 2025 | 1.13 | 0.28 | | As of 30th June 2024 | 1.07 | 0.27 | | Average for the 3 months period ended June 2025 | 1.17 | 0.30 | | Average for the 3 months period ended June 2024 | 1.08 | 0.27 | Structural Changes to Consolidated Statements of Income Enlight has retrospectively changed its Income Statement presentation starting with the 2024 full-year financial statements, including presenting specified items previously within 'other income' (e.g., tax equity) and removing the 'Gross Profit' line item, aiming to provide more relevant information and better reflect financial performance - The Company changed its Income Statement presentation starting with the 2024 full-year financial statements[74] - Changes include presenting specified items (like tax equity) previously in 'other income' and removing the 'Gross Profit' line item[74] - These changes were applied retrospectively to provide more relevant information and better reflect financial performance[75]