Enlight Renewable Energy (ENLT) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached $165 million, up 46% year-over-year, with net income up 33% to $32 million and adjusted EBITDA up 23% to $112 million, driven by new projects and storage expansion in the U.S., Israel, and Europe.

• For the first nine months of 2025, revenue totaled $430 million (up 46% YoY), net income was $140 million (up 140% YoY), and adjusted EBITDA was $339 million (up 52% YoY).

• Raised full-year 2025 guidance for revenue to $555–$565 million and adjusted EBITDA to $405–$415 million, reflecting increased confidence and visibility.

• Expanded battery storage business with major acquisitions in Germany and Poland, and over 800 MWh added in Israel, bringing the mature storage portfolio to 11.8 GWh.

• Portfolio generation and storage capacity reached 37.0 FGW, a 23% increase from year-end 2024.

Financial highlights

• Q3 2025 revenue: $165 million (+46% YoY); net income: $32 million (+33% YoY); adjusted EBITDA: $112 million (+23% YoY).

• 9M 2025 revenue: $430 million (+46% YoY); net income: $140 million (+140% YoY); adjusted EBITDA: $339 million (+52% YoY).

• Sale of electricity revenue rose 27% to $139 million, driven by new projects in the U.S., Israel, Serbia, and Hungary.

• Cash flow from operations for Q3: $71 million (+7% YoY); for 9M: $162 million (+3% YoY).

• Sale of 44% of the Sunlight cluster contributed $80 million in 1Q25.

Outlook and guidance

• 2025 revenue and income guidance raised to $555–$565 million, and adjusted EBITDA to $405–$415 million, up 6% and 4.5% respectively from previous guidance.

• Targeting annualized revenue and income run rate of $2.0 billion by end of 2028, with mature portfolio expected to reach 9.6–13 factored GW.

• Annual revenue and income from the mature portfolio projected to reach $1.6 billion upon full operation in 2027–2028.

• Approximately 90% of 2025 electricity volumes expected to be sold at fixed prices via PPAs or hedges.

• Expected Adjusted EBITDA margin of 70–80% (including tax benefits) for 2025–2028.