ENLT

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 8:00 a.m. ET Director of Investor Relations - Limor Zohar Megen Chief Executive Officer - Adi Leviatan Chief Financial Officer - Nir Yehuda Chief Executive Officer of Clenera - Jared McKee Chief Corporate Development Officer - Itay Banayan Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good day, and thank you for standing by. Welcome to the Enlight Renewable Energy Second Quarter 2026 Earnings Call. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Limor Zohar Megen, Director of Investor Relations. Please go ahead. Limor Megen: Thank you, operator. Good morning, everyone, and thank you for joining Enlight Renewable Energy's Second Quarter 2026 Earnings Conference Call. Before beginning this call, I would like to draw participants' attention to the following. Certain statements made on the call today, including, but not limited to, statements regarding business strategy and plans, our project portfolio, 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, expected impact from various regulatory developments, completion of development, the potential impact of the current conflicts in the Middle East on our operations and financial condition and company actions designed to mitigate such impact and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, are forward-looking statements within the meaning of U.S. federal securities laws, which reflect management's best judgment based on currently available information. We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to the 2025 annual report filed with the SEC on March 30, 2026, and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Additionally, non-IFRS financial measures may be discussed on the call. These non-IFRS measures should be considered in addition to and not as a substitute for or in isolation from our results prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations web page. With me this morning are Adi Leviatan, Chief Executive Officer of Enlight; Nir Yehuda, Chief Financial Officer of Enlight; and Jared McKee, Chief Executive Officer of Clenera. Adi will begin with an overview of our performance and key milestones achieved during the quarter, followed by Nir, who will review our financial results for the second quarter. Jared will then provide an update on our U.S. operations and business activities. Our prepared remarks will be accompanied by a presentation. To follow along, please access the webcast or visit enlightenergy.com/data/financial-reports. Following the prepared remarks, we will open the call for a question-and-answer session. I will now turn the call over to Adi Leviatan, CEO of Enlight. Adi, please. Adi Leviatan: Good morning, and good afternoon, everyone, and thank you for joining us today to discuss Enlight's second quarter 2026 results. The second quarter marked another period of strong execution for Enlight, underscoring the resilience of our global platform, the quality of our portfolio and our consistent ability to deliver our business plan. That execution translated into record financial performance. Revenues and income increased by 55%. Adjusted EBITDA grew by 67%. Net profit reached $31 million and operating cash flow rose by 34% year-over-year to $84 million. These results demonstrate our ability to convert our project development portfolio into operating assets, growing earnings and driving cash generation. The market environment around us continues to evolve rapidly. Electricity demand is accelerating, driven by the rise of artificial intelligence, unprecedented digital infrastructure build-out alongside additional electrification in industry and transportation. We believe this is a long-term infrastructure growth story and that the need for reliable, scalable and cost-effective clean power has never been greater. Against this backdrop, Enlight's diversified platform, disciplined execution and capital allocation provide resilience and position us to meet the growing demand. Based on the strength of our results year-to-date and our updated outlook for the remainder of the year, we are raising our 2026 annual guidance. We are raising both revenues and income and adjusted EBITDA guidance by 4.5% and 3.6% at the midpoint to $805 million and $575 million, respectively. The increase in guidance reflects the strong first half results as well as elevated merchant prices in Europe and growth in our electricity trade activity in Israel. Our CFO, Nir, will review the results, guidance and our financial position in more detail shortly. On the execution side, Q2 was equally strong. Let me highlight the key milestones. The mature component of our project portfolio grew by 6%, while our total portfolio grew by 4.6% to a total of 43.1 factored gigawatts. We completed the financial close for the CO Bar complex, our largest single financing to date at $2.6 billion, structured with a consortium of 7 leading global financial institutions. CO Bar is a 5-phase complex comprising 1.2 gigawatts of solar generation and 4 gigawatt hours of storage in Arizona, a flagship demonstration of our execution capability at scale. We signed a power purchase agreement with Google for our Solstice project in Oklahoma, our first commercial off-take agreement in the U.S. and our first PPA in the Southern Power Pool. We exceeded the upper range of our safe harbor targets, reaching 17.9 factored gigawatts of safe harbor capacity, positioning us to continue to drive highly profitable growth in the U.S. In addition, we are well positioned to capture the next wave of tax benefits in energy storage, which is in place until the end of 2033. We expanded our European storage footprint into 2 new and attractive markets, Finland and Romania, acquiring several mature projects with high expected returns. Some projects have already started construction during the quarter with commercial operation dates starting from 2028. Overall, our assets operated reliably. Our projects advanced according to plan, and our financial results speak for themselves. Now I will hand over the floor to Nir, our CFO, to review our quarterly results and guidance in more detail. Nir Yehuda: Thank you, Adi. The second quarter of '26 was another strong quarter for Enlight with impressive growth in all our major financial parameters. The company's total revenues and income increased to $210 million, up 55% from $135 million last year. The growth is attributed to new projects, which contributed $21 million from electricity sales and $19 million from tax benefit. Existing projects contributed an additional $12 million, including $6 million from an increase in generation and higher electricity price and $6 million of additional tax benefit from domestic content at the Atrisco project, which qualified for these benefits in Q3 '25. In addition, favorable exchange rate contributed $13 million and electricity trading activity contributed $9 million. The company adjusted EBITDA grew by 67% to $160 million compared to $96 million for the same period in '25. The increase of $75 million in revenues and income was offset by an additional $17 million in cost of sales linked mainly to new projects and to the growth in electricity trading activity in Israel. G&A and project development expenses, excluding share-based compensation, increased by $6 million and other income decreased by $4 million, mainly as a result of compensation for lost revenues recorded in Q2 '25. In addition, Q2 '26 adjusted EBITDA includes a contribution of $17 million from a follow-on sale of an additional 15% interest in the Sunlight cluster. Second quarter net income amounted to $31 million compared to $6 million in Q2 '25. The $47 million increase in adjusted EBITDA, excluding the contribution from the follow-on sell-down, was partially offset by $10 million increase in depreciation and amortization, mainly due to newly operational projects, a $4 million increase in share-based compensation expenses and an $18 million increase in financial expenses, also largely related to newly operational projects. This impact was partially offset by $7 million increase in financial income and by the absence of $12 million in foreign exchange expenses recorded in Q2 '25. Tax expenses increased by $9 million. The ongoing improvement in cash flow from operations continued during the second quarter, reinforcing the quality of earnings and indicating that the improvement in results is supported by strong cash generation from core operations. Excluding working capital fluctuation, our operating cash flow generation reached a run rate of approximately $100 million per quarter. This strong and recurring cash generation provides an important source of internally funded capital, reinforcing our ability to execute on our growth strategy. The strong financial performance continued in the second quarter, resulting in 55% revenue growth in the first half of the year. Excluding the contribution from the sales of interest in the Sunlight cluster, adjusted EBITDA increased by about $99 million or 53% to $314 million, and net income increased by $42 million to $68 million in the first half. Our operating cash flow for the first half of the year increased by 48% to $185 million. As a result of the strong financial performance in the first half of the year, we are raising our full year revenue guidance to a range of $790 million to $820 million from $755 million to $785 million and our adjusted EBITDA guidance to $565 million to $585 million from $545 million to $565 million. In addition to the contribution of the first half financial performance, the increase in guidance is attributed to an increased revenue outlook for Enlight electricity trading operation in Israel as well as higher electricity prices in Europe and in Israel. '26 is expected to continue Enlight's consistent high rate profitable growth as we demonstrated since our inception. During the first half of '26, Enlight continued to solidify and diversify its financial position, raising approximately $350 million in Q2 through an expansion of Enlight Series G bonds on the Tel Aviv Stock Exchange at an attractive rate of 4.4%, only 0.8% above the comparable risk-free bond. This was in addition to a $422 million equity raise through a private placement in the first quarter. As of the end of the second quarter, our cash and cash equivalents at the topco level amounted to $877 million. Additionally, we had $287 million held by subsidiaries. In addition, we had $550 million of credit facility with $418 million available and approximately $1.7 billion in LC and Surety Bonds Facility, including approximately $1.1 billion available, further enhancing our financial flexibility. Our solid financial position and internal resource will continue to support our growth towards revenue and income of over $2.2 billion and beyond. With that, I will turn over the call to Jared to review our U.S. operations and business activities. Jared McKee: Thank you, Nir. For my remarks today covering our work in the U.S., I want to focus on 2 areas. First, how we are laying the foundation for future success with our growing development pipeline. And second, the strong near-term execution of our mature projects with major accomplishments in financing and construction. Our development pipeline continues to grow. In the first half of the year, our U.S. advanced development and development pipeline increased by almost 5 factored gigawatts with increases in WECC, CAISO and PJM. We are expanding our footprint in WECC, where we are already one of the largest developers of solar generation and energy storage. Additionally, we are making significant inroads in ISOs going East. Overall, the span and diversification of our development portfolio position us as a leading national developer. As we continue to advance our portfolio of solar and energy storage projects, there remains strong interest across the nation for more energy. Demand forecasts continue to trend upward and both utilities and large load customers continue to engage with us for future generation and storage. This last quarter, I am pleased to share that we entered into our first commercial off-take agreement in the U.S. with Google. The power purchase agreement was signed in May for 200 megawatts of PV generation from our Solstice project in Oklahoma and will support Google's data center efforts in that region. This new kind of customer further diversifies our off-take base and provides us another income stream for our U.S. operations. We are actively engaged in other similar agreements throughout the U.S. The strong interest from off-takers in our projects speak to the dedication and diligence of our team as our projects are developed and matured. As the July deadline approached to safe harbor the investment tax credits, our team worked to secure safe harbor status on a total of approximately 18 factored gigawatts, significantly surpassing our initial estimate. Approximately half of those gigawatts were safe harbored by the end of 2025 with the other half secured by the 4th of July deadline this year. The safe harbor status for our projects was achieved through performing work of a significant nature, both on and off-site. The 18 factored gigawatts represent an anticipated 62% of our total U.S. portfolio of approximately 29 factored gigawatts. In addition to safe harbor status, our pipeline has mature interconnections with over 20 factored gigawatts of projects in advanced development and development stages that have completed their system impact study. Projects eligible for the full investment tax credit in the U.S. are not limited to the 18 gigawatts of those that have achieved safe harbor. Energy storage remains a significant portion of our long-term strategy, which continues to be eligible for full ITC via safe harbor through 2037. Our current portfolio includes an additional 4.7 factored gigawatts of energy storage that fits into this criteria, and we will continue to build out this portfolio over the next few years. Our mature portfolio received another external affirmation of our capabilities and exciting prospects as a consortium of 7 leading global banks signed the largest financing in our company's history, a $2.6 billion deal for the CO Bar solar and storage complex in Northern Arizona. The CO Bar complex includes 5 phases totaling 1,211 megawatts of solar power generation and 4,000 megawatt hours of energy storage with an expected capital expenditure totaling about $3 billion. This quarter, we mobilized for full construction on Phase 3, which includes 473 megawatts of PV generation, joining Phases 1 and 2 in construction. We are targeting the final 2 energy storage phases, which include 3,176 megawatt hours of energy storage to fully mobilize in Q4 of this year. We remain on track for an initial COD of the complex in the second half of 2027 with phase completions to full COD in the first half of 2028. We have 3 other projects in construction I will briefly touch on. Snowflake A, the initial phase of a mega complex in Northeast Arizona, is progressing on schedule. Snowflake A includes 594 megawatts of PV generation and 1,900 megawatt hours of energy storage. We are targeting a COD at the end of 2027. The second phase of the Snowflake complex, Snowflake B, includes 656 megawatts of PV and 2,100 megawatt hours of energy storage and is outlined in our advanced portfolio. In California, we are beginning to commission sections of our Country Acres project. This project includes 403 megawatts PV with 688 megawatt hours of energy storage. That is enough energy to power over 85,000 homes in Central California. We are on target to begin commercial operations by the end of this year. At our Crimson Orchard project near our U.S. headquarters in Idaho, the construction crews are fully mobilized at the site. This project includes 120 megawatts of PV generation and 400 megawatt hours of energy storage. Over half of the PV piles have been installed and more than 1/4 of the project's racking is in place. We have completed installation of the medium voltage transformers for our BESS yard and are receiving delivery of battery containers. The project remains on schedule for a COD in the first half of 2027. Summertime is peak construction season, and we continue to find success building out our pipeline. At the same time, we have secured financially sound projects to be built out for the next few years while diversifying our business customers and geographic footprint. We remain on track in achieving our goal to be a leading renewable energy player in the U.S. Now I will turn the presentation back to Adi. Adi Leviatan: Thank you, Jared. Moving to Europe, where we continue to build our position as one of the leading utility scale renewable and storage developers in the continent. During Q2, we entered a new market, Romania, and significantly expanded our position in Finland. In Finland, where renewables make up 65% of electricity generation, we acquired 3 storage projects with a total storage capacity of more than 1.4 gigawatt hour to meet the high demand for storage. Two of the projects with a total capacity of 902 megawatt hour started construction, and the third is expected to start construction later this year. Commercial operation dates for all 3 projects are planned for the first half of 2028, generating more than $50 million EBITDA, reflecting combined unlevered return of about 16.5% in the first full year of operation. Returns for BESS projects in Europe are elevated due to the extreme shortage in energy storage, a trend we see as an opportunity for Enlight's storage position. Production of wind and solar in the Finnish market is expected to more than double by 2030, leading to a more than tenfold growth in demand for storage. The acquisition of these ready-to-build projects will strengthen our footprint in the Nordics and establish Enlight as an early mover in Finland's energy storage market, providing a strong foundation to become a leading player as the market develops. In Romania, we acquired the Karpen Cluster, adding 848 megawatt hours of storage capacity at an expected unlevered return of approximately 17%. This cluster is included in our preconstruction portfolio with commercial operations expected to begin in phases from the second half of 2028 through the first half of 2029. Romania remains an earlier-stage renewables market with wind and solar generation expected to double by 2040 and storage demand projected to more than triple between 2026 and 2030. More broadly, Europe continues to offer attractive opportunities for scaled IPPs and developers. The regulatory environment increasingly favors companies with strong balance sheets, established regional infrastructure and the execution capabilities to finance, build and operate projects at scale. The breadth of milestones achieved this quarter underscores the strength of our execution. Our total portfolio grew by 4.6% sequentially to 43.1 factored gigawatts, while the mature component, comprising operating, under construction and preconstruction projects increased by 6% to 12.3 factored gigawatts, further expanding the portion of our portfolio closest to revenue generation. We made meaningful progress across every stage of the portfolio. Growth in the mature component was supported by targeted acquisitions in Finland and Romania, while construction commenced on the 880-megawatt hour Bertikow battery storage project in Germany, which remains on track for commercial operation in the first half of 2028. We also advanced approximately 850 factored megawatts from development into advanced development and added 2 factored gigawatts to our U.S. development portfolio, primarily across CAISO, PJM and SPP, markets that represent important new growth platforms for Enlight. This progress is translating directly into our 2028 roadmap. The estimated annual revenues and income associated with the mature component of our portfolio increased from approximately $2.1 billion to $2.3 billion. The construction momentum that began in 2025 has accelerated meaningfully through 2026. These are defining build-out years for Enlight, during which we are deploying substantial capital and converting our mature portfolio into operating assets. With additional 2.7 factored gigawatts expected to begin construction, we expect to have more than 7 factored gigawatts under construction by the end of 2026, positioning the company for a significant wave of commercial operations in 2027 and 2028 and putting us firmly on track to tripling our operating capacity. By end of year 2026, we expect more than 90% of our mature portfolio to be either operating or under construction. This provides a high degree of visibility into the next phase of growth as project build progressively reach COD and begin contributing revenues and cash flow through 2027 and 2028. The scale of this build-out is evident in our capital deployment. Capital expenditure doubled in the first half of the year to $1.3 billion compared to same period last year. About 50% of equity required was already invested with approximately $1.2 billion of liquidity on hand to support roughly $700 million of remaining equity investments required. And approximately 69% of the required project financing has already been secured. I want to spend a moment on our data center strategy, which we view as a pivotal new growth engine for Enlight, one that builds directly on the capabilities, assets and market presence of our existing renewable energy platform. Our pipeline consists of around 2 gigawatt IT of data center capacity across the United States, Israel and Europe. Our strategy targets near-generation large-scale facilities exceeding 100-megawatt IT in a select group of markets where we believe the energy fundamentals provide a distinct advantage. These locations combine access to scalable generation and storage, suitable land and critical grid infrastructure, capabilities that are becoming increasingly valuable as access to power emerges as the principal constraint on data center growth. The strategic fit is compelling. Our renewable operations provide many of the core inputs required by hyperscalers and colocators, large grid-connected sites, access to generation and storage and deep expertise in developing, financing, constructing and operating complex energy infrastructure. By integrating data centers alongside these assets, we can create a differentiated proposition centered on reliable, cost-effective and lower carbon power. We expect CapEx investments to begin in 2027 for certain data center assets as selected initiatives advance towards construction. Importantly, our roadmap through 2028 does not currently include any contribution from the data center platform. That will provide the next wave of growth for Enlight. Enlight has repeatedly demonstrated its ability to identify early transformative market trends and convert that insight into value creation. We believe our data center initiative represents the company's next significant growth engine, supporting continued expansion well beyond 2028. Based on our 3-year business roadmap, our operating capacity is expected to reach about 12 factored gigawatts translated into annual recurring revenue and income of more than $2.2 billion. This is an increase of about $100 million from the previous quarter. Our mature portfolio revenues and income are now surpassing the 2028 annual recurring revenue level after growing by $200 million from the previous quarter as we see mature projects expected to come online during 2029. The path to $2.2 billion to $2.3 billion in ARR by end of 2028 is anchored in projects we already own with financing increasingly in place and CapEx being deployed. Enlight's growth story is not just about scale. It is about disciplined returns as well. Our under and preconstruction portfolio of 8.4 factored gigawatt is expected to deliver approximately 13% unlevered project returns, implying a return on equity above 18% after leverage. We are actively capitalizing on the opportunities across our markets while growing with discipline, protecting returns, maintaining balance sheet strength and ensuring that every project meets our threshold for long-term shareholder value creation. The business environment in which Enlight operates in is, in our view, the most favorable it has been, and it meets Enlight at its strongest position. Electricity demand is accelerating, driven by AI and data center expansion, industrial electrification and the broader energy transition. In the United States alone, data center electricity consumption is expected to triple between 2025 to 2030, creating an urgent need for substantial new capacity that can be deployed rapidly, economically and at scale. Solar plus storage, among our strongest growth engines, is exceptionally well suited to meet this demand. It offers a shorter time to market and attractive cost of energy and the operational flexibility increasingly required by modern power systems. These fundamentals are reinforced by greater regulatory clarity in the United States and Europe, attractive equipment costs for solar and storage and an industry-wide consolidation process that increasingly favors scaled, well-capitalized operators. This is where Enlight is particularly well positioned. Our global operating platform, strong financial capacity, proven execution, large portfolio of grid-ready sites and a global network of top-tier partners give us the ability to convert these market conditions into disciplined and continuous high-return growth. Before we turn to questions, let me leave you with 4 key takeaways from the quarter. First, we delivered record results and raised our 2026 outlook and the 2028 roadmap, reflecting the continued scaling of our operating portfolio, the quality of our underlying assets and our confidence in the remainder of the year. Second, the milestones achieved this quarter, including the CO Bar financial close, the Google PPA in Oklahoma, exceeding our safe harbor targets and our expansion into Finland and Romania, demonstrate our ability to execute at scale, broaden our commercial reach and strengthen the resilience of our portfolio. Third, 2025 and 2026 are defining build-out years for Enlight with a mature portfolio of 12.3 factored gigawatts and more than 90% expected to be operating or under construction by year-end, we have clear visibility into a substantial wave of CODs, revenues and cash flows through 2027 and 2028. Fourth, -- we are entering this next phase from a position of strength with a diversified global platform, a well-funded mature portfolio, proven execution capabilities, a strong management team and highly favorable market fundamentals. Our priorities remain clear: execute with excellence, allocate capital with discipline and translate the opportunities across our markets into durable long-term value for shareholders. None of this would be possible without the talent and commitment of our people. With that, I will open the call for questions. Operator: [Operator Instructions] Our first question today comes from the line of Justin Clare from ROTH Capital Partners. Justin Clare: Congratulations on the strong result. Adi Leviatan: Thank you, Justin. Justin Clare: Yes. So I wanted to start out just on the updated guidance here. So it looks like the updated guide implies a lower revenue and adjusted EBITDA in the second half versus the first half. And I was just wondering if you could help us understand the drivers of that step down. How much of it reflects just normal seasonality versus potentially lower assumptions for electricity prices or other factors? Adi Leviatan: Thank you so much for the question. I'm actually going to ask Itay Banayan, the Chief Corporate Development Officer, to answer this one. Itay Banayan: Justin, good morning. We -- as you remember, we have the trading activity in Israel. It is an activity that helps us expand the dollar profits on our assets. But this activity is also characterized by a lower EBITDA margin. And we see this activity growing in Israel, and it's part of the contribution to the growth in the revenues, but also creates somewhat of a lower overall margin. Is this -- am I asking -- am I answering the right -- is this what we asked? Justin Clare: Yes. Yes. I'm just -- I'm trying to understand the difference between -- it looks like H2 might be a little bit lower than what was delivered in H1. Itay Banayan: Okay. So -- yes, so it is relevant because as you may see, we increased the guidance for the year for the revenues more than the EBITDA, and this is part of the reason. The second part might be from the second portion of the sale of the Sunlight cluster. If you remember, in the first quarter, we sold another 11% of the cluster, and we told the market that during the second quarter, we sold another 15% of the Sunlight cluster. And given the fact that we accounted in the EBITDA only for the proportional share of the percentage that was sold, it also contributed to the EBITDA -- not to the revenues, to the EBITDA in the first half of the year, but there are no expectations for additional sell-downs in the second half of the year. Justin Clare: Got it. Okay. No, that's very helpful. And then I also wanted to touch on the 2028 outlook here. So the revenue and income ARR for the end of the year 2028 did improve or you increased the target by about $100 million here, though the operating capacity target looked like it moved slightly lower to 12 factored gigawatts from 12 factored gigawatts to 13 factored gigawatts previously. So I just wanted to understand why the factored gigawatt target moved modestly lower, but then also you're able to generate more revenue from that lower capacity figure. Adi Leviatan: Yes, of course. So during the quarter, we acquired a number of storage projects in Finland and in Romania, totaling 1.5 gigawatt hour or about that. These add -- they are at RTB. Some of them are under construction already, and we started construction on them after acquiring them earlier in the quarter. And they are adding to our revenues -- they're adding to our revenues in their first year of operation, $110 million in revenues in their first year of operation. But then on the capacity side, these are storage projects that are -- that we factor in at a rate of 3.5 gigawatt hours when we take the gigawatt hour, the megawatt hour and translate it into gigawatts or megawatts. So what you see though is that, that 12 factored gigawatts that you're talking about that you see in the 2028 capacity that has already been connected. It used to be, as you said, higher, those projects did not disappear. They were just pushed into -- some of them were pushed into 2029. But -- so again, they're still there. They're going to be connecting later. And nevertheless, we can make the same revenues with lesser gigawatts in '28. Justin Clare: Got it. Okay. That makes a lot of sense. That's helpful. One more. I just wanted to ask, so you signed your first U.S. PPA with a hyperscaler here, so congratulations. Wondering if you anticipate an increasing mix of your projects being signed with hyperscalers, how we should think about that? And then just more broadly, if you could characterize the trend in demand you're seeing for power at this point and the pace of contracting. Are customers continuing to accelerate here? Or are you seeing any slowdown from what you've seen in the past -- in recent past? Adi Leviatan: Sure. So definitely, we're expecting to have more PPA contracts in the U.S. and elsewhere that are signed with hyperscalers. And that is -- that represents both a shift in the demand for electricity in the market -- it also represents our expansion out of WECC to being a national developer and IPP, where in these markets on SPP, like the Southern Power Pool, where Oklahoma Solstice project is. And then in PJM, where we have additional projects that will be connected potentially to data centers in the future, there are these kinds of opportunities, whereas in WECC, which is the stomping grounds, the original stomping grounds of Clenera, the markets are very much electricity being sold in long-term busbar PPAs to utilities. So it represents the fact that we're now active in additional markets, and we're growing our presence significantly in these markets where the market for electricity is indeed different. Now what we're seeing is we're only seeing -- I mean, we're seeing -- we're seeing acceleration of the demand for electricity. And again, we're seeing different kinds of customers. So whereas in the past, because we were, again, more in WECC, it would be the only choice or the obvious choice to be signing these PPAs with the utilities. Now that we're in the East and the center of the country in SPP, there are many more kinds of customers. Sometimes we will be selling it to the likes of Google. Other times, we will not be selling it to the likes of Google because we will be developing ourselves the data centers that are being supplied with this electricity. So you will see us not signing necessarily PPAs with external parties at all. We will be using that power ourselves, realizing that we're sitting on a very valuable asset in the fact that we're generating electricity. And this electricity can be used for accreditation for large loads for data centers, and we want to utilize that ourselves. Operator: Your next question comes from the line of Christopher Souther from Truist. Christopher Souther: Congrats on the continued execution here. Can you talk about the 2 new European projects in Finland and Romania? I guess the returns here are a fair bit higher than the portfolio average. Is that anticipated margin returns? Or are there contracted portions as well? And then maybe just talk a little bit about how those pipelines can be -- were these opportunistic ways to get a foothold for future greenfield development? Or are there potential programmatic relationships in some of these newer markets? Adi Leviatan: Thank you for the question. And we're very happy Truist initiating coverage. So we appreciate that very much. In Finland and in Romania, we entered indeed like by purchasing -- acquiring projects that are near RTB or at RTB, hence, as you remark, not greenfield in order to get into the market as quickly as possible with this storage capacity, realizing the demand for storage is very high immediately. And we do want to be there quickly connecting our batteries to provide this very high demand for time-shifting services, meaning like the arbitrage in the day ahead and intraday markets as well as ancillary services, so the entire -- and joining the entire revenue stack. For each project, we do look at what is the best way for us to maximize the returns while still creating some baseload of contracted revenues that will enable us also to provide a high level of financing with a high level of leverage. So we balance those 2. But generally speaking, when we look at these curves, the price curves in these markets, we see that there's significant opportunities both in ancillary services and in trading and arbitrage and that there's still some opportunities to hedge and create some contracted revenues in a way that doesn't compromise our returns like with floor contracts where we still are able to enjoy upsides. So we take great care, and we're -- we see ourselves as excellent in managing the entire revenue stack to enable the highest returns while not compromising on our ability to finance these projects with significant leverage. Christopher Souther: Got it. Okay. And then just expanding into those, are there greenfield opportunities behind this or other M&A that you'd kind of follow with? Adi Leviatan: We're already looking at additional projects in Finland and in Romania. When it's these batteries, we try to get to the market as soon as possible because the highest returns are right now. We are working also on some projects that are generation and not storage, and those are also greenfield. Christopher Souther: Got it. Okay. And then maybe just last one for me. On the incremental safe harbor ahead of the July 4 deadline, how did you guys approach some of the earlier-stage development pipeline, safe harbor decisions and the risk reward around projects with CODs that are approaching 2030? Just from a holistic perspective, how did you guys kind of approach that? Adi Leviatan: Right. So as you can see in the table, for the projects that are in advanced development, we brought 91% of those projects -- of the gigawatts of those projects to safe harbor. And -- so there's one project that was not safe harbored. And then when we're looking at the early development or what's called development, we safe harbored 38%. So we were careful in choosing what projects to safe harbor that we're able to have continuous construction and COD before 2030 in order not to spend -- make investments into safe harboring where we do not think that the project in terms of its time line, when it's going to be getting its interconnection and when we're able to complete the off-take and complete the construction and would not make it on time. So we did one project at a time with all these considerations. You'll note that we added a fair bit of gigawatts just in these last few months. So in the last quarter, we gave a range of 13 to 17. And finally, we decided about a few more projects that would cross that finish line, and we got to 17.9. That's because we had like the full -- we had choice about which projects to make across the line, and we want to make sure that we're making a decision that takes into account that likelihood of reaching COD by 2030. Operator: The next question today comes from the line of Corinne Blanchard from Deutsche Bank. Corinne Blanchard: Maybe 2 questions. The first one, can you talk about expectation for asset sell-down for the rest of the year and maybe going into 2027? And then the second question, if you can talk a little bit more about merchant pricing, especially in Europe and kind of the kind of return that you're targeting there? And if anything has changed in the last couple of months, especially with some of the geopolitical events? Adi Leviatan: I'll ask Itay, the Chief Corporate Development Officer, to take the question about the sell-downs. Itay Banayan: Corinne, in our guidance for the remainder of the year, there are no expectations for additional sell-downs this year. So we had some initial assumptions in the beginning of the year, expecting the Sunlight cluster to be sold moving up from 44% to 70%. It was part of the initial terms of the initial disposition last year. But for the remainder of this year, we do not expect additional sell-downs. At least there is nothing in the guidance or in our numbers that it takes into consideration additional sell-downs. Adi Leviatan: And Corinne, could you possibly repeat the second part of your question? Corinne Blanchard: Yes. No, I was asking just about -- maybe a broader view on the European market. I know you commented already on the storage side, but I was just kind of more asking about merchant price in Europe and the kind of return you expect there. And if anything has changed maybe your approach to the European market or like the dynamic in the European market, especially in the last couple of months with a lot of moving pieces on geopolitically and so. Adi Leviatan: Well, I think anyone in Europe has noticed the heat wave. And I think that the need for energy and for renewable energy, in particular, is at an all-time high. I'm sure you know that the composition of electricity generation in Europe is already over 50% renewable if we just take an average of the whole continent and some countries are well above that. Our strategy is to focus on the largest and fastest-growing renewable markets in Europe. That's why you see us moving in the last -- just in the last couple of quarters, moving into Germany, Finland, Romania, extending our presence in Poland significantly, hybridizing our existing assets in Spain, in Hungary, in Sweden. So our strategy is to go where the renewable energy is increasing its penetration. It's already high, but increasing its penetration, creating this mismatch between the hours of production of electricity from renewable sources to the hours of demand by consumers. And in that area where there's negative prices, that's the area where batteries are most required. They're required to do this time shifting between the hours, again, of production and consumption. And they also serve in ancillary services for like various network services. And our strategy is to come into these markets as soon as possible with battery capacity. That is the most lucrative play at the moment. At the same time, we do have a strategy to also maintain our technology mix and maintain also generation opportunities. And we will be pursuing these generation opportunities in markets as well that are accelerating the move from fossil fuels into renewable energy. Corinne Blanchard: If I may squeeze one more question actually. Can you talk about balance sheet? And what's your view or expectation in terms of like do you need further capital to support some of that growth that you have highlighted? Just overall view on balance sheet and where you stand and what you might need in the next few quarters? Itay Banayan: Sure, Corinne. As you remember, we're managing the balance sheet, and it is important for us as we grow to focus on profitability on free cash flows, return on equity and also maintain a strong balance sheet and the credit rating that we already have. We measure the balance sheet, the leverage in debt to cap. On Page 19 in the presentation, we are showing the progress, the development progress and the financing progress for the remainder of the mature portfolio. So the mature portfolio comprises of 3.9 factored gigawatts operating and the remainder 8.4 factored gigawatts of under construction and preconstruction require about $8.9 billion of CapEx. In the bottom 2 batteries, you can see that almost 70% of the project financing needed for those projects was already secured. We have 2.7 factored gigawatts to start construction this year and the remainder next year. And also about 50% of the equity that was needed to invest to date for these projects was already invested. This equity is coming from the corporate level and the remainder $700 million needed will be invested in the next year. So we have about $1.2 billion of liquidity on the balance sheet today. So we have more than enough internal sources of capital to support the growth of the mature portfolio, which takes us all the way to 2028 and more and then some. I hope. And also, it is important to remind you that we are reaching a pace of about $100 million of operating cash flow a quarter. So the first 6 months of the year, we generated about $185 million, and there is also some working capital in it. We believe that we are on track of about $100 million of operating cash flow a quarter, and these cash flows will also help the future growth of the company. Operator: [Operator Instructions] And the next question today comes from the line of George Chieffi from Mizuho. George Chieffi: Congrats on a great quarter. I'm going to start with how many solar modules and inverters have you guys procured for your projects in your mature portfolio and also in your advanced phase? And what flexibility do you have to pass any higher prices on those parts due to tariffs or import bans to customers through your PPAs? Itay Banayan: George, we never disclosed how many. So it's hard to talk in numbers. And I wonder if you are asking about like expected 232. Is that kind of like the behind the scene of the question? George Chieffi: Yes, also kind of related to the new -- the import ban that they were talking about inverters last week. Itay Banayan: Yes. But okay, okay. George Chieffi: Do you have any higher pricing expectations if you could pass those on or not? Itay Banayan: Okay. So we're focusing on the U.S. for the question. And I can say that a significant portion of the modules needed for the project under construction in the U.S. is already on U.S. soil. So we don't expect nobody knows what the final volume for 232 will be. But at the moment, we don't expect any implications on our projects in the U.S. in the near term. Regarding the inverters, the new language talks about the new models of inverters. So we're talking down the road in the future. It doesn't have any impact on the near term of the projects in the U.S. So with regards to upcoming regulations, we see very little impact, if any, on the projects currently in the mature portfolio in the U.S. Adi Leviatan: And I will just add to that, that we have a very -- we have a diversified pool of suppliers. We don't only develop and construct and operate projects in the U.S. We do so also in 12 countries in Europe and in Israel. And we have -- for these purposes, we have a very diversified pool of suppliers that enables us also when there were -- in the past, there were tariffs on and restrictions on suppliers from specific countries. For example, China, we were able to pivot to supply from other countries. And we have that experience and the ability to shift between in order to make sure that we're still very competitive and are able to achieve to procure the production slots and get the equipment in on time. Itay Banayan: One last -- you asked about the pricing. In many of the PPAs and the supplier agreements we signed in the U.S., we injected mechanisms that in case new regulation will come and will create an increase in the CapEx, we will not be the only one absorbing it. So there are mechanisms in place to adjust the PPA and also that some of the pain will be absorbed by the suppliers in a way that we will be able to... Adi Leviatan: And by the electricity offtakers. Itay Banayan: Exactly the PPAs are electricity offtakers that we will be able to maintain somewhat similar ballparks of returns that we were expecting initially without going and renegotiating and breaking those PPAs. Operator: And the next question today comes from the line of David Paz from Wolfe. David Paz: Just on your annual run rates for the revenue income, where within your EBITDA conversion range of 70% to 80% do you expect to be through 2029? I'm particularly asking given the 2028 run rate has a lot of the large projects, which just from your disclosures imply about 80% EBITDA margins in the first year. So maybe just holistically or just portfolio-wise, what is the right number within the 70% to 80% for those years? Adi Leviatan: Thank you for the question. I'm going to ask our CFO, Nir Yehuda, to respond. Nir Yehuda: Okay. Just be sure that we understood correctly your question. You're asking about the gradually the increasing of the EBITDA rate? Adi Leviatan: Or maintaining 70%... David Paz: Yes, -- where within that 70% to 80% range would you point us to in your -- through '29? Nir Yehuda: Yes. So first of all, you can see it in the segment notes exactly who is driving the EBITDA rates of the corporate as it all. But naturally, the U.S. activity has been impacted, I would say, heavily by the tax benefit in terms of the EBITDA rate. But as you can see in the other segments, we maintained the same ratio between the 70% to 80%, of course, impacted by any sell-down activity that we may operate from time to time. Adi Leviatan: So basically, I mean, the U.S. is an increasing share of -- I mean, an increasing segment of our total revenues. And the EBITDA in the U.S. is on the higher side from that 70% to 80% because of the tax benefit. So as that segment grows as part of the total, we veer towards the higher ranges of the EBITDA as a company. Operator: There are currently no further questions. I will hand the call back for closing remarks. Adi Leviatan: Thank you, Sharon. Thank you so much for joining us this quarter. We highly appreciate the collaboration and the partnership with you, and we look forward to seeing you again next quarter. Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Enlight Renewable Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enlight Renewable Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* Now, it’s worth noting Stock Advisor’s total average return is 965% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Enlight Renewable Energy (ENLT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Enlight Renewable Energy Ltd.? Here are five stocks we like better. Strong second-quarter performance: Revenue and income rose 55% year over year to $210 million, adjusted EBITDA increased 67% to $160 million, and net income climbed to $31 million. Enlight raised its 2026 revenue and income guidance to $790 million–$820 million and adjusted EBITDA guidance to $565 million–$585 million. Major U.S. expansion: The company completed $2.6 billion in financing for Arizona’s CO Bar Complex, planned to include 1,211 MW of solar generation and 4,000 MWh of storage, and signed its first U.S. commercial power-purchase agreement with Google for 200 MW from its Oklahoma Solstice project. Storage pipeline and long-term growth: Enlight expanded into Romanian and Finnish battery storage, began construction on Germany’s 880-MWh Bertikow project, and expects more than 7 GW under construction by year-end 2026. Its 2028 roadmap targets approximately 12 GW of operating capacity and more than $2.2 billion in annual recurring revenue and income. Enlight Renewable Energy (NASDAQ:ENLT) reported higher second-quarter results and raised its full-year outlook, citing contributions from newly operating projects, favorable foreign exchange rates, electricity trading in Israel and elevated power prices in Europe. Revenue and income rose 55% year over year to $210 million in the second quarter, while adjusted EBITDA increased 67% to $160 million. Net income reached $31 million, compared with $6 million a year earlier, and operating cash flow increased 34% to $84 million. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Chief Executive Officer Adi Leviatan said the company’s results reflected its ability to convert its development portfolio into operating assets. He also pointed to rising electricity demand associated with artificial intelligence, digital infrastructure, industrial electrification and transportation as supportive market trends. Enlight raised its 2026 revenue and income guidance to $790 million to $820 million, from a previous range of $755 million to $785 million. It increased adjusted EBITDA guidance to $565 million to $585 million, from $545 million to $565 million. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? At the midpoint, the updated outlook represents $805 million of revenue and income and $575 million of adjusted EBITDA. Management attributed the increase to first-half performance, higher projected revenue from electricity trading in Israel, and elevated electricity prices in Europe and Israel. For the first half, revenue and income increased 55%, according to Chief Financial Officer Nir Yehuda. Excluding the contribution from a sale of interests in the Sunlight Cluster, first-half adjusted EBITDA rose approximately $99 million, or 53%, to $314 million. First-half operating cash flow increased 48% to $185 million. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Yehuda said the company’s operating cash flow, excluding working-capital fluctuations, was running at approximately $100 million per quarter. Second-quarter adjusted EBITDA included a $17 million contribution from a follow-on sale of an additional 15% interest in the Sunlight Cluster. During the question-and-answer session, Chief Corporate Development Officer Itay Banayan said Enlight does not expect additional sell-downs during the second half of 2026. He said the company’s growing electricity-trading activity in Israel contributes to revenue growth but carries a lower EBITDA margin, while the Sunlight transactions also contributed to first-half results. Enlight said its total portfolio increased 4.6% sequentially to 43.1 factored gigawatts, while its mature portfolio of operating, under-construction and pre-construction projects rose 6% to 12.3 factored gigawatts. The company completed financial close on the $2.6 billion CO Bar Complex financing in Arizona, its largest financing to date. The five-phase complex is planned to include 1,211 megawatts of solar generation and 4,000 megawatt-hours of energy storage. Jared McKee, chief executive officer of Clēnera, said the project has expected capital expenditures of about $3 billion. Construction began on CO Bar’s third phase during the quarter, adding 473 MW of photovoltaic generation to phases already under construction. Enlight is targeting full mobilization in the fourth quarter for the final two storage phases, which represent 3,176 MWh of storage. Initial commercial operation is targeted for the second half of 2027, with full commercial operation expected in the first half of 2028. The company also signed its first U.S. commercial offtake agreement, a power purchase agreement with Google for 200 MW of solar generation from the Solstice project in Oklahoma. McKee said the agreement will support Google’s data-center activity in the region and marks Enlight’s first PPA in the Southwest Power Pool. Leviatan said Enlight expects to pursue additional agreements with hyperscalers as it expands beyond its historical Western U.S. focus into markets including the Southwest Power Pool and PJM. He said the company may also use generation from certain projects to support data centers it develops itself rather than enter into external PPAs. Enlight said it safe-harbored 17.9 factored gigawatts of U.S. capacity for Investment Tax Credit purposes, exceeding its previous target range. McKee said that represented an anticipated 52% of the company’s approximately 29-FGW U.S. portfolio. Management said it focused safe-harbor efforts on projects it believes can reach commercial operation before 2030. In Europe, Enlight entered Romania and expanded its position in Finland through battery-storage acquisitions. In Finland, the company acquired three storage projects with combined capacity exceeding 1.4 GWh. Two projects totaling 902 MWh began construction, and the third is expected to begin construction later this year. Management expects the Finnish projects to enter commercial operation in the first half of 2028 and generate more than $50 million of EBITDA in their first full year, with a combined unlevered return of about 16.5%. In Romania, Enlight acquired the Karpen Cluster, which will add 848 MWh of storage capacity. The company expects an unlevered return of approximately 17%, with commercial operation beginning in phases from the second half of 2028 through the first half of 2029. Leviatan said the company sees opportunities in European storage because growing renewable generation is creating a mismatch between hours of electricity production and consumption. He said Enlight intends to combine merchant-market opportunities with contracted revenue arrangements, including floor contracts, to support project financing while retaining potential upside. Enlight also began construction on the 880-MWh Bertikow battery-storage project in Germany, which is targeted to begin commercial operation in the first half of 2028. The company raised about $350 million in the second quarter through an expansion of its Series G bond on the Tel Aviv Stock Exchange, with a stated rate of 4.4%. This followed a $422 million private equity placement in the first quarter. As of the end of the second quarter, Enlight had $877 million of cash and cash equivalents at the corporate level and $287 million held by subsidiaries. It also reported $480 million available under credit facilities and approximately $1.1 billion available under letter-of-credit and surety-bond facilities. Management said its mature portfolio includes 3.9 FGW of operating projects and 8.4 FGW of projects under construction or in pre-construction. Approximately 69% of required project financing had been secured, while about half of the required equity had already been invested. The company said it had about $1.2 billion of liquidity available to fund roughly $700 million of remaining equity investments required for the mature portfolio. Enlight expects an additional 2.7 FGW to begin construction in 2026 and said it could have more than 7 FGW under construction by year-end. It expects more than 90% of its mature portfolio to be operating or under construction by the end of 2026. The company’s roadmap calls for operating capacity of about 12 FGW and annual recurring revenue and income above $2.2 billion by the end of 2028. Enlight said it is also developing a data-center pipeline of roughly 2 GWIT across the U.S., Israel and Europe, though its 2028 roadmap does not include contributions from that business. Management expects capital expenditures for selected data-center initiatives to begin in 2027. Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company's portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs). Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Enlight Renewable Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue and Income: Total revenues and income increased 55% year-over-year to $210 million in Q2 2026, up from $135 million. Adjusted EBITDA: Grew 67% to $160 million in Q2 2026, compared to $96 million in the prior-year period. Net Income: Reached $31 million in Q2 2026, up from $6 million in Q2 2025. Operating Cash Flow: Rose 34% year-over-year to $84 million in Q2 2026; excluding working capital fluctuations, the run rate was approximately $100 million per quarter. First-Half Adjusted EBITDA: Increased by approximately $99 million (54%) to $314 million, excluding the contribution from the Sunlight cluster sell-down. First-Half Net Income: Increased by $42 million to $68 million. First-Half Operating Cash Flow: Increased by 48% to $185 million. 2026 Revenue Guidance: Raised to a range of $790 million to $820 million, from $755 million to $785 million. 2026 Adjusted EBITDA Guidance: Raised to a range of $565 million to $585 million, from $545 million to $565 million. Capital Expenditure: Doubled in the first half of 2026 to $1.3 billion compared to the same period last year. Cash Position: Cash and cash equivalents at the Top Co level amounted to $877 million as of the end of Q2, with an additional $287 million held by subsidiaries. Portfolio Growth: Total portfolio grew 4.6% sequentially to 43.1 factored gigawatts; the mature component grew 6% to 12.3 factored gigawatts. Warning! GuruFocus has detected 3 Warning Signs with ENLT. Is ENLT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record financial performance in Q2 2026 with revenues and income up 55% and adjusted EBITDA up 67% year-over-year. Raised full-year 2026 guidance for revenues and adjusted EBITDA by 4.5% and 3.6% at the midpoint, respectively. Completed financial close for the CO Bar Complex, a $2.6 billion financing with a consortium of seven leading global banks. Signed a power purchase agreement with Google for the Solstice project in Oklahoma, the company's first US commercial off-take agreement. Exceeded Safe Harbor targets, securing 17.9 factored gigawatts of capacity, positioning for profitable US growth. Expanded European storage footprint into Finland and Romania with high expected returns (16.5% and 17% unlevered, respectively). Strong liquidity position with $877 million in cash at the Top Co level and $1.2 billion in available liquidity to support future growth. Operating cash flow run rate of approximately $100 million per quarter, reinforcing quality of earnings and internal funding capability. Mature portfolio grew 6% to 12.3 factored gigawatts, with more than 90% expected to be operating or under construction by year-end 2026. Data center strategy with a 2-gigawatt IT pipeline is expected to be a pivotal growth engine beyond 2028. Second-half 2026 guidance implies lower revenue and adjusted EBITDA compared to the first half, partly due to lower-margin electricity trading activity in Israel. No additional asset sell-downs are expected for the remainder of 2026, which could limit near-term cash inflows. The 2028 operating capacity target was modestly lowered to 12 factored gigawatts from 12-13, with some projects pushed into 2029. Financial expenses increased by $18 million in Q2 due to newly operational projects, impacting net income. Tax expenses increased by $9 million in Q2, partially offsetting strong operational performance. Potential impact from US tariffs and import bans on solar modules and inverters could affect future project costs, though near-term impact is expected to be minimal. The company's growth is heavily reliant on merchant prices in Europe and Israel, which can be volatile and subject to geopolitical events. Capital expenditure doubled in the first half of 2026 to $1.3 billion, indicating significant cash outflows for construction. The data center strategy is still in early stages with no contribution to the 2028 roadmap, adding uncertainty to long-term growth projections. Geopolitical conflicts in the Middle East could pose risks to operations and financial conditions, though mitigation actions are in place. Q: Can you explain the drivers behind the updated guidance, which implies lower revenue and adjusted EBITDA in the second half versus the first half?A: Itay Banayan, Chief Corporate Development Officer, explained that the lower second-half outlook is primarily due to the growth in electricity trading activity in Israel, which expands dollar profits but carries lower EBITDA margins. Additionally, the first half included a one-time contribution from the follow-on sale of an additional 15% interest in the Sunlight cluster, with no further sell-downs expected in the second half. Q: The 2028 revenue and income ARR target increased by about $100 million, but the operating capacity target moved slightly lower to 12 factored gigawatts. Why?A: CEO Adi Leviatan clarified that the company acquired storage projects in Finland and Romania totaling 1.5 gigawatt hours, which add $110 million in first-year revenues. However, these storage projects are factored at a lower rate (3.5%) when converting gigawatt hours to gigawatts. Some projects were also pushed into 2029, but the company can still achieve the same revenue with fewer gigawatts in 2028. Q: With the first US PPA signed with a hyperscaler (Google), do you anticipate an increasing mix of projects signed with hyperscalers, and what are the current demand trends?A: CEO Adi Leviatan stated that more PPAs with hyperscalers are expected, reflecting both a shift in electricity demand and the company's expansion beyond WECC into markets like SPP and PJM. He noted that demand is accelerating, and the company may also use its own electricity for self-developed data centers rather than signing external PPAs, leveraging its generation assets for data center accreditation. Q: Can you discuss the two new European projects in Finland and Romania, which have higher returns than the portfolio average? Are these anticipated market returns, and how do you plan to expand in these markets?A: CEO Adi Leviatan explained that the company acquired near-RTB or RTB storage projects to enter these markets quickly and capitalize on high demand for storage. The returns are driven by a mix of ancillary services, trading, and arbitrage, balanced with some contracted revenues like floor contracts to maintain high leverage financing. The company is already looking at additional projects in both countries, including greenfield generation projects. Q: How did you approach Safe Harbor decisions for earlier-stage development projects ahead of the July 4 deadline, and what was the risk/reward around projects with CODs approaching 2030?A: CEO Adi Leviatan explained that the company Safe Harbored 91% of advanced development gigawatts and 38% of early development gigawatts. The decision was made project-by-project, considering the likelihood of continuous construction and COD before 2030. The company added a few more projects to reach 17.9 factored gigawatts, ensuring that investments in Safe Harboring were only made for projects likely to meet the timeline. Q: What are your expectations for asset sell-downs for the rest of the year and into 2027?A: Itay Banayan, Chief Corporate Development Officer, stated that there are no expectations for additional sell-downs this year. The initial assumptions for the Sunlight cluster to be sold from 44% to 70% were part of the original disposition terms, but the guidance for the remainder of the year does not include any additional sell-downs. Q: Can you provide a broader view on the European market, particularly merchant pricing and returns, and if anything has changed in your approach due to geopolitical events?A: CEO Adi Leviatan highlighted that renewable energy penetration in Europe is over 50%, creating a mismatch between production and demand hours, which drives the need for batteries. The strategy is to enter markets like Germany, Finland, and Romania quickly with battery capacity, which is the most lucrative play. The company also maintains a technology mix and pursues generation opportunities in markets accelerating the transition from fossil fuels. Q: Do you need further capital to support the growth you've highlighted, and what is your overall view on the balance sheet?A: Itay Banayan, Chief Corporate Development Officer, stated that the company manages its balance sheet with a focus on profitability, free cash flow, and maintaining its credit rating. Approximately 70% of project financing for the mature portfolio is secured, and about 50% of required equity has been invested. With $1.2 billion in liquidity and a run rate of about $100 million in quarterly operating cash flow, the company has more than enough internal capital to support growth through 2028 and beyond. Q: How many solar modules and inverters have you procured for your projects, and what flexibility do you have to pass on higher prices due to tariffs or import bans?A: Itay Banayan, Chief Corporate Development Officer, noted that a significant portion of modules for US projects under construction is already on US soil, minimizing near-term implications from potential 232 tariffs. Regarding inverters, the new language targets new models, so there is no near-term impact. The company has diversified suppliers and mechanisms in PPAs and supplier agreements to adjust pricing and share the burden of any new regulations, maintaining expected returns. Q: Within your 70% to 80% EBITDA conversion range, where do you expect to be through 2029, given the large projects in the 2028 run rate?A: CFO Nir Yehuda explained that the US activity is heavily impacted by tax benefits, which drive higher EBITDA rates. As the US segment grows as a share of total revenues, the company veers towards the higher end of the 70% to 80% range. The ratio is maintained across other segments, with any impact from sell-down activities noted. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Enlight Renewable Energy Ltd. (ENLT) came out with quarterly earnings of $0.2 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +185.71%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.08, delivering a surprise of +14.29%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Enlight Renewable Energy Ltd., which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $209.69 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 11.31%. This compares to year-ago revenues of $134.98 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Enlight Renewable Energy Ltd. shares have added about 81.9% since the beginning of the year versus the S&P 500's gain of 11%. While Enlight Renewable Energy Ltd. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Enlight Renewable Energy Ltd. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $206.28 million in revenues for the coming quarter and $0.36 on $789.12 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Alvopetro Energy Ltd. (ALVOF), has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of +22.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Alvopetro Energy Ltd.'s revenues are expected to be $19.4 million, up 38.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Enlight Renewable Energy Ltd. (ENLT) : Free Stock Analysis Report Alvopetro Energy Ltd. (ALVOF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, Israel, Aug. 04, 2026 (GLOBE NEWSWIRE) -- 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. 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. 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. 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 predicted3Interest 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 Raising full-year guidance ranges Revenues & income4 guidance increased to $790 to $820 million, up from $755 to $785 million previously. Adjusted EBITDA guidance increased to $565 to $585 million, up from $545 to $565 million previously. The increase in guidance is primarily driven by strong first-half results, attributed to strong project operational performance, higher electricity prices in Europe and the depreciation of the USD. The increase in revenue guidance exceeded the increase in Adjusted EBITDA guidance, reflecting the growing contribution of our electricity trading operations in Israel, which are characterized by low margins. 4Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m. Summary of key financial results: Adi Leviatan, CEO of Enlight Renewable Energy: “We are concluding another quarter of strong growth and consistent execution, with revenue increasing by 55%, significant improvements in profitability and cash flow generation, and robust performance across all of our operating regions. Our first-half results, together with the continued advancement of projects under construction and the expansion of our energy storage business, enable us to raise our 2026 revenue and Adjusted EBITDA guidance, as well as the run-rate revenues reflected in our mature projects and our year-end 2028 target. At the same time, the successful completion of $2.6 billion financing for the CO Bar complex, the largest in our history, along with additional milestones achieved during the quarter, highlights Enlight’s execution and financing capabilities and reflects the confidence of our financial partners. We remain focused and disciplined in expanding our global portfolio and converting it into sustained high-growth performance while preserving long-term profitability. At the same time, we continue to strengthen our position as a leading energy platform across the markets in which we operate.” 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 FGW5), 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. The advanced development and development components comprise of 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. 5FGW (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 composition of Enlight’s portfolio appears in the following table: Operating component of the portfolio: 3.9 FGW Under construction component of the portfolio: 4.5 FGW 6 Calculated by dividing the projected EBITDA for the first full year of operations by the estimated net construction cost. Pre-construction component of the portfolio: 3.9 FGW Advanced development component of the portfolio: 7.8 FGW 7Securing 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 Development component of the portfolio: 23 FGW 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 income8 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. 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 level9 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. 8The 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 2028.9 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 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 income 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. Investor Contacts Limor Zohar MegenDirector [email protected] Erica Mannion or Mike FunariSapphire Investor Relations, LLC+1 617 542 [email protected] Appendix 1 – Financial information Consolidated Statements of Income .(*) Excluding depreciation and amortization. (*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid Information related to Segmental Reporting (*)      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 (*)      Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).Information related to Segmental Reporting (*)      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 (*)      Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). 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: Appendix 5 a) Segment information: Operational projects b) Operational Projects Further Detail 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 Ownership % is calculated based on the project's share of total revenues c) Projects under construction d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date) 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 * Apex financing was structured as a sale and leaseback and therefore not included in the table above Appendix 6 – cash and cash equivalents Appendix 7 – Corporate level (TopCo) debt * 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: A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9351f7-7d30-4523-aa37-c0f12939ee6e

Enlight Renewable Energy Ltd. (ENLT) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents a year-over-year change of +600%. Revenues are expected to be $188.39 million, up 39.6% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.94% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Enlight Renewable Energy Ltd., the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -42.75%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Enlight Renewable Energy Ltd. will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Enlight Renewable Energy Ltd. would post earnings of $0.07 per share when it actually produced earnings of $0.08, delivering a surprise of +14.29%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Enlight Renewable Energy Ltd. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Crescent Energy (CRGY), another stock in the Zacks Alternative Energy - Other industry, is expected to report earnings per share of $0.59 for the quarter ended June 2026. This estimate points to a year-over-year change of +37.2%. Revenues for the quarter are expected to be $1.23 billion, up 37.2% from the year-ago quarter. The consensus EPS estimate for Crescent Energy has been revised 18.4% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -8.94%. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Crescent Energy will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Enlight Renewable Energy Ltd. (ENLT) : Free Stock Analysis Report Crescent Energy Company (CRGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Q1 results were strong: revenue rose 54% year‑over‑year to $200 million and adjusted EBITDA reached $154 million (a 58% increase on an apples‑to‑apples basis excluding Sunlight cluster sale impacts). U.S. growth and pipeline acceleration: the U.S. became the largest segment (37% of revenue) after Roadrunner and Quail Ranch ramped up, Clēnera is building 3.4 factored GW with a ~2 FG annual delivery pace, and Enlight now has ~20 factored GW that passed system impact studies while targeting 15–17 factored GW to be safe‑harbored in 2026, although some 2027 CODs were modestly delayed due to a battery‑supplier change. Capital position and guidance reaffirmed: the company raised about $740 million in the quarter, held $709 million of cash at parent level, reaffirmed 2026 guidance of $755–785 million revenue and $545–565 million adjusted EBITDA, and reiterated a >$2.1 billion revenue run‑rate target by end‑2028. Interested in Enlight Renewable Energy Ltd.? Here are five stocks we like better. Enlight Renewable Energy (NASDAQ:ENLT) reported first-quarter 2026 results that company leaders characterized as a “very strong start” to the year, citing significant year-over-year growth in revenue and adjusted EBITDA as new U.S. projects ramped up and wind conditions supported results in other geographies. Adi Leviatan, CEO of Enlight Renewable Energy, said revenue and income increased 54% year-over-year to $200 million in the first quarter, while adjusted EBITDA reached $154 million, reflecting 58% year-over-year growth “excluding the impacts of the sell down of the Sunlight cluster.” Leviatan said the increase was driven by “new projects entering operation in the U.S., alongside strong wind conditions in Israel and Europe, increased electricity trading activity in Israel and supported foreign exchanges.” → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook CFO Nir Yehuda provided additional detail, saying the $200 million total included $157 million in revenue from the sale of electricity and $43 million recognized as income from a tax benefit. Yehuda said revenue from the sale of electricity rose by $47 million versus the first quarter of 2025, attributing the improvement to new operating projects and other factors, including increased wind generation, higher electricity trading activity in Israel, and currency tailwinds from the appreciation of the Israeli shekel and the euro versus the U.S. dollar. Adjusted EBITDA rose 70% year-over-year to $154 million, according to Yehuda. He noted that results included a $12 million contribution in the quarter from the follow-on sale of 11% of the Sunlight cluster, and he provided an apples-to-apples comparison excluding those sale-related contributions. “Excluding the contribution of $42 million from the sale of 44% of the Sunlight cluster in Q1 2025…and follow-on sale of 11% of the cluster in Q1 2026…EBITDA in Q1 2026 grew by 58%,” he said. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Net income for the quarter was $38 million, compared with $102 million in the first quarter of 2025, which Yehuda said included Sunlight cluster sale impacts. He attributed the change primarily to higher depreciation and amortization tied to new projects beginning operations, along with higher financial expenses and other items. Leviatan said the U.S. became Enlight’s largest geographic segment in the quarter, contributing 37% of total revenues after the ramp-up of Roadrunner and Quail Ranch. “This marks a meaningful milestone in the scaling of our U.S. platform,” he said. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Jared McKee, CEO of Clēnera, highlighted continued development activity and construction execution in the U.S. He said the company submitted interconnection applications within PJM for an additional 2,500 factored megawatts across five projects, calling PJM “a market with exceptional opportunities for new solar and storage.” McKee said Clēnera was constructing six projects totaling 3.4 factored gigawatts and described that pace as consistent with an ability to “consistently deliver approximately 2 factored GW annually.” He also gave project-specific updates: Cobar Complex (northwest Arizona): McKee said ground clearing and other site activities were underway on phase three, while phases one and two were in full construction. He said the first three phases total nearly 1.5 factored gigawatts, with initial commercial operation dates (CODs) on track for the second half of 2027 and subsequent phases in the first half of 2028. Cobar phases four and five: McKee said Clēnera secured a domestic source for batteries totaling 3,176 MWh, describing the sourcing strategy as a way to mitigate tariff and supply chain risks. Snowflake Complex (northeast Arizona): McKee said Snowflake A includes 594 MW of PV generation and 1,900 MWh of storage, with installation of both PV and battery components near the halfway point and COD targeted for the second half of 2027. Country Acres (near Sacramento, California): McKee said the 403 MW PV and 688 MWh storage project remained on schedule for a COD at the end of the year, adding that it is expected to generate enough energy to power “over 85,000 California homes.” Crimson Orchard (Elmore County, Idaho): McKee said civil work was progressing, with foundation work beginning for batteries and the switchyard. He also noted the closing of a $304 million construction financing package in March, which he said “clears the path for the project’s successful commercial operation in 2027.” On supply chain conditions, McKee said global shipping disruptions linked to geopolitical conflicts in the Middle East had resulted in “limited exposure to availability or pricing” so far, though he cautioned ripple effects could emerge. He said the company was continuing to diversify its supplier base, including through U.S. domestic manufacturing. Leviatan said Enlight increased the amount of its U.S. portfolio that has passed system impact studies by roughly 2 factored gigawatts in the quarter, reaching 20 factored gigawatts. He added that more than 60% of the company’s advanced development and development portfolio had completed system impact studies, and said management expects additional projects to be safe-harbored in 2026, bringing the total to 15 to 17 factored gigawatts, or about 80% of the U.S. advanced development and development portfolio. During the Q&A, executives discussed expected changes in 2027 timing. In response to an analyst question about reductions in 2027 operating capacity expectations, management said certain CODs shifted slightly into early 2028. The company attributed that change primarily to switching battery energy storage system suppliers for the standalone storage components of Cobar phases four and five, which required re-engineering work. Management also cited “one additional project, Europe project, Berdagove,” that was pushed out by a short amount of time. On safe harbor, management said it had discretion to safe harbor additional capacity and cited an opportunity to safe harbor “an additional 2 to 4 factor gigawatt” through the end of June, while emphasizing requirements to maintain continuous activity and bring projects to commercial operation before the end of 2030. McKee added that decisions were being made “project by project” to focus spending on projects capable of meeting the 2030 deadline and that, due to interconnection timelines, not all projects that have completed system impact studies would necessarily be safe harbored. Yehuda said the company raised approximately $740 million during the quarter, “mainly from a private placement of 6 million shares to Israeli institutional investors for $422 million and $304 million from project finance.” He said cash and cash equivalents at the top company level increased to $709 million, with an additional $270 million held by subsidiaries. He also cited a $525 million credit facility with $360 million available and approximately $1.6 billion in LC and surety bond facilities, including $1 billion available. Leviatan reaffirmed full-year 2026 guidance for revenue and income of $755 million to $785 million and adjusted EBITDA of $545 million to $565 million. He also reiterated the company’s longer-term target of reaching “more than $2.1 billion of annual revenue run rate by the end of 2028,” describing it as anchored in projects already in hand. Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company's portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs). Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe. The article "Enlight Renewable Energy Q1 Earnings Call Highlights" was originally published by MarketBeat.