Enlight Renewable Energy (ENLT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue 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 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 to revenue of $555–$565 million and adjusted EBITDA of $405–$415 million, reflecting increases of 6% and 4.5% over prior guidance.

• Expanded energy storage portfolio in Europe and Israel, with major acquisitions in Germany and Poland and a global mature storage portfolio reaching 11.8 GWh.

• Secured $4.8 billion in capital over the past 12 months, including $1.44 billion financial close for the 600 MW Snowflake A project in Arizona.

Financial highlights

• Q3 2025 revenue and income rose to $165 million, up 46.7% year-over-year; electricity sales grew 27% to $139 million.

• Net income for Q3 was $32 million, up 33% year-over-year, mainly from new projects and refinancing gains.

• Adjusted EBITDA increased 23% to $112 million, with growth offset by higher costs from new projects.

• Cash flow from operations for Q3 2025 was $71 million, up 7% year-over-year.

• 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; adjusted EBITDA guidance raised to $405–$415 million.

• Annual revenue and income from the mature portfolio projected to reach $1.6 billion by 2027–2028.

• By end of 2028, generation capacity expected to reach 11–13 FGW and annual revenue run rate about $2 billion.

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

• Roadrunner and Quail Ranch projects (0.8 FGW) are expected to be commissioned by year-end 2025.