Enlight Renewable Energy Ltd. (ENLT): Financial results for Q2 2026
Enlight Renewable Energy Ltd. (ENLT) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Earnings Release ENLIGHT RENEWABLE ENERGY REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, August 4, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT
How this was made
The 30-second read
Why it matters
The Q2 2026 earnings beat prior year metrics, highlighting strong demand for renewable generation and storage assets.
Market read
The earnings release provides fresh data that can influence trading decisions in the clean‑energy sector.
What to watch
Potential exposure to regulatory changes in key markets and financing costs for upcoming projects.
Enlight Renewable Energy reports $210 million of second-quarter total revenues and income, up 55%, and $160 million of Adjusted EBITDA, up 67%.
Second-quarter total revenues and income increased 55% to $210 million, net income rose to $31 million from $6 million, Adjusted EBITDA increased to $160 million from $96 million, and operating cash flow increased 37% to about $84 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues and incomeother | $210 million | – | 55% |
| Revenuesother | $165,990 thousand | – | – |
| Tax benefitsother | $43,701 thousand | – | – |
| Cost of sales, excluding depreciation and amortizationother | $(48,501) thousand | – | – |
| Depreciation and amortizationother | $(47,384) thousand | – | – |
| General and administrative expensesother | $(18,118) thousand | – | – |
| Development expensesother | $(4,690) thousand | – | – |
| Total operating expensesother | $(118,693) thousand | – | – |
| Gains from projects disposalsother | $453 thousand | – | – |
| Other income (expenses), netother | $(519) thousand | – | – |
| Operating profitother | $90,932 thousand | – | – |
| Finance incomeother | $11,264 thousand | – | – |
| Finance expensesother | $(60,371) thousand | – | – |
| Total finance expenses, netother | $(49,107) thousand | – | – |
| Profit before income taxesother | $41,397 thousand | – | – |
| Taxes on incomeother | $(10,220) thousand | – | – |
| Net incomeother | $31 million | – | 460% |
| Profit for the period attributable to owners of the Companyother | $29,369 thousand | – | – |
| Basic earnings per shareother | $0.21 | – | – |
| Diluted earnings per shareother | $0.20 | – | – |
| Adjusted EBITDAnon-GAAP | $160 million | – | 67% |
| Adjusted EBITDA excluding the Sunlight transactionsnon-GAAP | $142 million | – | 50% |
| Cash flow from operating activitiesother | about $84 million | – | 37% |
| Net cash used in investing activitiesother | $(677,150) thousand | – | – |
| Purchase, development, and construction in respect of projectsother | $(723,463) thousand | – | – |
| Net cash from financing activitiesother | $772,137 thousand | – | – |
| Total revenues and income, six months ended June 30other | $409 million | – | 55% |
| Net income, six months ended June 30other | $69 million | – | (36%) |
| Adjusted EBITDA, six months ended June 30non-GAAP | $314 million | – | 38% |
| Cash flow from operating activities, six months ended June 30other | $185 million | – | 48% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MENANot separately disclosed. | $77 million | – | 46% |
| EuropeNot separately disclosed. | $52 million | – | 9% |
| U.S.New U.S. projects that commenced operations at the end of 2025 contributed approximately $20 million to the growth in electricity sales revenues; tax credit revenues also increased with new U.S. projects and additional Atrisco tax credits. | $80 million | – | 133% |
| OtherNot separately disclosed. | $1 million | – | – |
By the end of 2028 outlook
- Revenue$2.2 to $2.3 billion
- NoteOperating capacity is expected to reach approximately 12 FGW by year-end 2028.
- NoteTotal annual revenues and income run rate is expected to reach $2.2 to $2.3 billion by the end of 2028.
- NoteExpected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown.
- NoteThe Company estimates that during the remainder of 2026 it will begin construction of projects totaling approximately 2.7 FGW.
- Note87% of the mature component is expected to be either operating or under construction by the end of 2026.
Capital returns
- Dividends and distributions by subsidiaries to non-controlling interests were $(37,842) thousand in the three months ended June 30, 2026.
- The Company issued approximately 6 million shares, generating gross proceeds of approximately $420 million during the first half of the year.
What drove it
- New U.S. projects that commenced operations at the end of 2025 contributed approximately $20 million to growth in electricity sales revenues.
- Foreign exchange fluctuations contributed an additional $13 million to growth in electricity sales revenues.
- Electricity trading activities in Israel contributed $9 million to growth in electricity sales revenues.
- Higher power prices together with improved generation output contributed approximately $6 million to growth in electricity sales revenues.
- Tax credit revenues were approximately $44 million, compared to approximately $19 million in the corresponding quarter last year.
- The follow-on sale of an additional 15% interest in the Sunlight portfolio contributed approximately $17 million to Adjusted EBITDA.
- The total portfolio was 43.1 FGW as of the earnings release date, up 4.6% from 41.2 FGW at the release date of the first quarter of 2026.
- The mature portfolio totaled 12.3 FGW, compared to 11.6 FGW at the end of the previous quarter.
Concerns
- Gross financing expenses increased by $18 million, primarily as a result of the commencement of operations at new projects.
- Cost of revenues increased by $19 million, mainly due to expanded electricity trading activities in Israel and commencement of operations at new projects.
- Depreciation and amortization expenses increased by $10 million, general and administrative and development expenses increased by $8 million, and tax expenses increased by $9 million.
- Second-quarter Adjusted EBITDA included a gain of approximately $17 million from the follow-on sale of a 15% stake from the Sunlight cluster.
- The Company disclosed that Safe Harbor status and grid interconnection agreements do not guarantee project completion; completion remains subject to development milestones and market conditions.
- Snowflake A will not meet applicable requirements for the Domestic Content Adder, although the Company stated that capital-expenditure savings from alternative equipment result in a negligible impact on project economics.
What to watch
- Construction start of projects totaling approximately 2.7 FGW during the remainder of 2026.
- Commercial operation timing and buildout of the CO Bar complex, which includes 1.2 GW of solar generation capacity and 4 GWh of energy storage capacity.
- Execution of Country Acres, Crimson Orchard, Snowflake A, Finland BESS, Bertikow and other projects within the under-construction portfolio.
- Whether operating assets deliver the approximately $780 to $810 million annualized revenues and income run rate.
- Progress toward the expected $2.2 to $2.3 billion total annual revenues and income run rate by the end of 2028.
- Project financing, tax equity proceeds and use of available credit facilities as project construction spending continues.
Balance sheet and cash flow
- Cash and cash equivalents were $1,163,734 thousand as of June 30, 2026.
- Cash and cash equivalents at the “topco” level totaled $877 million as of the balance sheet date; subsidiaries held approximately $287 million.
- Total cash was $1,421,758 thousand as of June 30, 2026, including $122,735 thousand of restricted cash for projects under construction and $133,009 thousand of restricted cash reserves.
- Total assets were $10,462,057 thousand and total equity was $2,444,991 thousand as of June 30, 2026.
- Total liabilities were $8,017,066 thousand as of June 30, 2026.
- Total corporate level debt was $1,513,541 thousand as of June 30, 2026.
- Loans from banks and other financial institutions were $4,158,696 thousand and debentures were $854,480 thousand as of June 30, 2026.
- Available credit facilities were $550 million, of which $132 million had been utilized.
- Letter of Credit and Surety Bond facilities were approximately $1.7 billion, of which $674 million had been utilized.
- Net cash from operating activities was $184,798 thousand in the six months ended June 30, 2026.
- Net cash used in investing activities was $(1,060,433) thousand in the six months ended June 30, 2026.
- Net cash from financing activities was $1,508,101 thousand in the six months ended June 30, 2026.
- Issuance of shares was $419,317 thousand in the six months ended June 30, 2026.
- Issuance of debentures was $345,933 thousand in the six months ended June 30, 2026.
Analysis
Enlight reported a strong second quarter under IFRS. Total revenues and income increased 55% to $210 million, while net income rose to $31 million from $6 million and Adjusted EBITDA increased to $160 million from $96 million. Operating cash flow increased 37% to about $84 million. The six-month figures also show 55% growth in total revenues and income to $409 million and 48% growth in operating cash flow to $185 million, although six-month net income declined to $69 million from $107 million because the prior-year period included a Sunlight transaction gain.
The U.S. was the largest reported source of growth in the quarter, with revenues and income of $80 million, up 133%. Management attributed the increase in electricity sales principally to U.S. projects that commenced operations at the end of 2025, while tax benefit revenue rose to approximately $44 million from approximately $19 million. Foreign exchange fluctuations, Israel electricity trading, higher power prices and improved generation output also contributed to electricity-sales growth. MENA revenue and income increased 46% to $77 million, while Europe increased 9% to $52 million.
Profit growth was supported by the revenue increase but offset by project-related expenses. Cost of revenues rose by $19 million, depreciation and amortization rose by $10 million, general and administrative and development expenses rose by $8 million, and tax expenses rose by $9 million. Gross financing expenses increased by $18 million as new projects began operating. Second-quarter Adjusted EBITDA also included approximately $17 million from the follow-on sale of a 15% Sunlight stake; excluding Sunlight transactions, Adjusted EBITDA was $142 million, up 50%.
The portfolio continued to expand, reaching 43.1 FGW, including a mature portfolio of 12.3 FGW. The company completed $2.6 billion of financing for the CO Bar complex, raised approximately $350 million through a Series G bond expansion, issued approximately 6 million shares for gross proceeds of approximately $420 million, and ended the period with $1,163,734 thousand of cash and cash equivalents. Project investment remained substantial, with purchase, development and construction spending of $(723,463) thousand in the quarter and $(1,332,696) thousand in the first half.
The forward outlook centers on converting the mature portfolio into operations. The company expects to begin construction on approximately 2.7 FGW during the remainder of 2026 and expects 87% of the mature component to be operating or under construction by the end of 2026. With completion of the current mature portfolio by year-end 2028, it expects approximately 12 FGW of operating capacity and $2.2 to $2.3 billion of total annual revenues and income run rate by the end of 2028, with expected Adjusted EBITDA margin of approximately 70%-80% including tax benefits.
Not in the filing
stated, not guessed- GAAP financial statements are not presented; the company reports under IFRS.
- Gross profit and gross margin were not reported.
- Free cash flow was not reported.
- Quarter-over-quarter comparisons for reported financial metrics were not reported.
- A conventional full-year 2026 financial guidance range for revenue, Adjusted EBITDA, operating expenses, gross margin, EPS or tax rate was not reported.
- Share repurchases and parent-company dividend payments were not reported.
- Named executive quotations were not included in the filing text.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Enlight Renewable Energy is a NASDAQ‑listed renewable power developer with projects in the U.S., Europe, and MENA.
Ticker impact
Enlight Renewable Energy reported Q2 2026 results with revenue up 55% YoY to $210M and net income rising to $31M.
Expect price appreciation on the back of better-than-expected earnings and robust portfolio expansion.
Revenue and net income beat prior year, adjusted EBITDA growth, and portfolio expansion indicate solid operational momentum.
Market effects
Positive earnings may lift other renewable energy and storage firms.
U.S. and European renewable sectors could see modest gains.
Adds confidence to global clean‑energy investment trends.
Counterpoint
If the growth is driven by one‑off asset sales, the earnings may not be sustainable.
Key entities
- CompanyEnlight Renewable Energy Ltd.
NASDAQ‑listed renewable energy developer.
