Enlight Renewable Energy (ENLT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong financial and operational results, with 54% year-over-year growth in revenue and adjusted EBITDA, driven by new U.S. projects, robust wind in Israel and Europe, and portfolio expansion to 41.2 FGW.

• The U.S. became the largest segment, contributing 37% of total revenues, with new projects like Roadrunner and Quail Ranch ramping up.

• Diversification and expansion continued in Europe and Israel, with leadership in agrivoltaics, high-voltage storage, and new market entries in Finland and Romania.

• Project portfolio increased by 3.2 FGW sequentially, supporting growth beyond 2028.

• Completed fundraising and financial closings totaling approximately $740 million.

Financial highlights

• Q1 2026 revenues and income rose 54% year-over-year to $200 million; adjusted EBITDA reached $154 million, up 58% year-over-year, excluding Sunlight cluster sell-down impacts.

• Net income for Q1 was $38 million, compared to $102 million in Q1 2025 and $21 million excluding the Sunlight cluster sale.

• Cash flow from operating activities increased 58% to $100 million.

• Segment revenue growth: U.S. +111%, MENA +50%, Europe +19% year-over-year.

• Revenues from electricity sales rose 43% to $156 million; income from tax benefits doubled to $43 million.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenues and income of $755–$785 million and adjusted EBITDA of $545–$565 million.

• Clear path to over $2.1 billion annual revenue run rate by end of 2028, anchored in projects already in hand.

• Approximately 7 GW expected under construction in 2026, with over 90% of the mature portfolio operating or under construction by year-end.