Enlight Renewable Energy (ENLT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with 55% year-over-year revenue growth to $210 million, net profit of $31 million, and adjusted EBITDA up 67% to $160 million; operating cash flow reached $84 million.

• Raised 2026 annual guidance for revenues and adjusted EBITDA by 4.5% and 3.6% at the midpoint, reflecting strong first half results and elevated merchant prices in Europe and Israel.

• Portfolio expanded to 43.1 FGW, with mature component up 6%, and significant progress in U.S. and European markets, including new storage projects in Finland and Romania.

• Secured major milestones including $2.6 billion financing for CO Bar Complex and first U.S. PPA with Google for the Solstice project in Oklahoma.

• Strong operational performance and disciplined capital allocation supported by $3.7 billion in new financing and robust liquidity.

Financial highlights

• Q2 2026 revenues: $210 million (+55% YoY); net income: $31 million (+460% YoY); adjusted EBITDA: $160 million (+67% YoY); operating cash flow: $84 million.

• H1 2026 revenues: $409 million (+55% YoY); adjusted EBITDA: $314 million (+38% YoY); net income: $69 million (excluding one-time gains); operating cash flow: $185 million (+48% YoY).

• Sunlight cluster sale contributed $17 million in Q2 and $30 million in H1 2026.

• Tax credit income in Q2 2026: $44 million, up from $19 million YoY.

• Adjusted EBITDA includes gains from asset disposals as part of growth strategy.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $790–$820 million (from $755–$785 million); adjusted EBITDA guidance increased to $565–$585 million (from $545–$565 million).

• 2026 guidance midpoint raised by 4.5% for revenue and 3.6% for adjusted EBITDA.

• Targeting annual recurring revenue exceeding $2.2–$2.3 billion by year-end 2028, with operating capacity expected to reach 12 FGW.

• Sustaining a 40% compounded annual growth rate in both revenue and adjusted EBITDA.

• More than 90% of mature portfolio expected to be operating or under construction by end of 2026.