Enlight Renewable Energy (ENLT) Q1 2025 earnings summary

Executive summary

• Revenue and income grew 39% year-over-year to $130 million in Q1 2025, with adjusted EBITDA up 84% to $132 million and net income surging 316% to $102 million, driven by new projects and the Sunlight cluster sale.

• Expansion advanced in the U.S., Europe, and Israel/MENA, with major projects under construction and new market entries in energy storage and data centers.

• Portfolio totals 19.2 GW generation and 49.8 GWh storage, with 3 GW operational and 6.1 GW in the mature pipeline.

• Reaffirmed 2025 guidance: revenue of $490–$510 million and adjusted EBITDA of $360–$380 million, with high resilience to tariffs and economic slowdowns.

• Secured $1.8 billion in project financing, including $1.5 billion for U.S. projects and $245 million in bonds, and sold a 44% stake in the Sunlight cluster for $52 million.

Financial highlights

• Q1 2025 revenue reached $130 million, up from $94 million in Q1 2024, with $110 million from electricity sales and $20 million from tax benefits.

• Adjusted EBITDA rose to $132 million, including a $42 million gain from the Sunlight cluster sale; excluding this, Adjusted EBITDA was $90 million.

• Net income increased to $102 million, up from $24 million last year, with $80 million attributed to the Sunlight cluster sale.

• Cash flow from operations increased 24% to $44 million.

• Outperformed analyst consensus on Adjusted EBITDA for the fifth consecutive quarter.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: revenue of $490–$510 million and adjusted EBITDA of $360–$380 million.

• 90% of 2025 generation output expected to be sold at fixed prices via hedges or PPAs.

• Guidance includes $60–$80 million in U.S. tax benefit income.

• Commissioning of 0.9 FGW in 2025 to add ~$150 million annualized revenue and $130 million EBITDA from 2026.

• Projected annual revenues and income run rate of $1.4 billion by 2027, with a 42% CAGR.