Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

Core Viewpoint Ellomay Capital Ltd. reported significant financial improvements for the first quarter of 2025, including increased revenues and a return to profitability, driven by new solar projects and favorable financing conditions. Financial Overview - Total assets as of March 31, 2025, were approximately €721.2 million, up from €677.3 million as of December 31, 2024, reflecting a growth of about 6.5% [4] - Revenues for the three months ended March 31, 2025, were approximately €8.9 million, a 9% increase from €8.2 million in the same period of 2024 [4][5] - Profit for the three months ended March 31, 2025, was approximately €6.8 million, compared to a loss of approximately €4.9 million for the same period in 2024 [4] - EBITDA for the three months ended March 31, 2025, was approximately €2.9 million, an increase of about 81% from €1.6 million in the corresponding quarter last year [4][5] Revenue Drivers - The increase in revenues was primarily due to contributions from new solar facilities in Italy, specifically a 19.8 MW and an 18.1 MW project that were connected to the grid in early 2024 and January 2025, respectively [4] - Operating expenses remained stable at approximately €4.6 million for both the first quarter of 2025 and 2024 [4] Project Development and Future Outlook - In Italy, financing agreements for solar projects totaling 198 MW have been signed, with 38 MW already connected to the grid and construction of 160 MW underway [6] - In the US, the company is advancing solar projects with a capacity of approximately 50 MW, expected to begin construction in 2025 [7] - In the Netherlands, a license to increase production at the GGG facility by 64% has been received, with additional licenses in advanced stages [8] - In Israel, negotiations are ongoing with the Israeli Electricity Authority for compensation related to project delays and damages [9] Comprehensive Income - Total comprehensive income for the three months ended March 31, 2025, was approximately €1.9 million, down from €7.1 million in the same period of 2024 [4] - Total other comprehensive loss was approximately €4.9 million for the first quarter of 2025, compared to total other comprehensive income of approximately €12 million in the same quarter of 2024 [4] Financing Activities - The company issued Series G Debentures in February 2025, raising approximately NIS 214.5 million (about €56.7 million) [4]