Enlight Renewable Energy .-Enlight Renewable Energy Reports First Quarter 2025 Financial Results

Financial Performance - The company reported total revenues and income of $130 million for Q1 2025, a 39% increase from$ 94 million in Q1 2024 [5][27] - Net income surged to $102 million, reflecting a 316% increase compared to$ 24 million in the same period last year [5][33] - Adjusted EBITDA rose by 84% to $132 million, up from$ 72 million in Q1 2024 [5][34] - Cash flow from operating activities increased by 24% to $44 million, compared to$ 35 million in Q1 2024 [5] Revenue Breakdown - Revenues from electricity sales increased by 21% to $110 million, up from$ 90 million in Q1 2024 [27][30] - The company recognized $20 million in income from tax benefits, a 516% increase from$ 3 million in Q1 2024 [27] - Revenue contributions from new projects connected to the grid included $30 million from various projects, with significant contributions from Atrisco, Israel Solar and Storage Cluster, and others [28][30] Project Developments - The company sold 44% of the Sunlight cluster for$ 52 million, generating an additional $42 million in Adjusted EBITDA and$ 80 million in net profit for Q1 2025 [6][29] - The total portfolio consists of 33.4 FGW, with 8.6 FGW in the mature portfolio expected to generate annualized revenues of approximately $1.4 billion by 2027 [11][19] - The company has secured$ 1.8 billion in financing to support the construction of 4.7 FGW of capacity in 2025 [9] Geographic Revenue Distribution - Revenue distribution for Q1 2025 included $42.9 million from MENA,$ 51.4 million from Europe, and $34.8 million from the U.S., with the U.S. segment showing a 674% increase year-over-year [25][32] - Approximately 81% of operational capacity sells electricity under Power Purchase Agreements (PPAs), with 29% of power sold under inflation-linked PPAs [16] Operational Strategy - The company has effectively mitigated exposure to U.S. import tariffs through diversified procurement strategies, ensuring that projects under construction have no solar panel exposure under current tariff policies [3][8] - The operational portfolio is geographically diversified, with 44% of capacity in Europe, 29% in Israel, and 27% in the U.S. [16] Future Guidance - Total revenues and income for 2025 are projected to range between$ 490 million and $510 million, with Adjusted EBITDA expected between$ 360 million and $380 million [29][30] - Approximately 90% of electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges [30]