Enlight Renewable Energy (ENLT) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue and income grew 53% year-over-year to $135 million, with adjusted EBITDA up 57% to $96 million, reflecting strong operational momentum.

• Net income for Q2 2025 was $6 million, down from $9 million last year, mainly due to a $12 million non-cash FX adjustment on a subsidiary loan.

• Full-year 2025 guidance raised: revenue to $520–$535 million and adjusted EBITDA to $385–$400 million, both up 5.5–6% from prior forecasts.

• Leadership transition announced: Adi Leviatan to become CEO on October 1, 2025, with Gilad Yavetz moving to Executive Chairman.

• Historic year for project construction, with 4.8 FGW under construction in 2025 and a roadmap to triple revenue by 2027.

Financial highlights

• Q2 2025 revenue: $135 million (+53% YoY); adjusted EBITDA: $96 million (+57% YoY); net income: $6 million (–41% YoY, impacted by FX adjustment).

• H1 2025 revenue: $265 million (+46% YoY); adjusted EBITDA: $227 million (+71% YoY); net income: $107 million (+216% YoY).

• Adjusted net income for Q2 (excluding FX impact): $16 million (+110% YoY).

• Sale of 44% of the Sunlight cluster contributed $80 million to H1 2025 results.

• New projects contributed $30 million to Q2 electricity sales; tax benefit income rose by $16–19 million due to U.S. project commissioning.

Outlook and guidance

• 2025 revenue and income guidance raised to $520–$535 million; adjusted EBITDA to $385–$400 million.

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

• Roadmap targets $2 billion annual revenue run rate by end of 2028, with mature portfolio expected to generate $1.5 billion.

• Construction on 4.8 FGW capacity in 2025, with 0.8 FGW to be commissioned by year-end, adding $142–150 million to annualized revenue.

• Expected adjusted EBITDA margin of 70–80% for 2025–2028.