Enlight Renewable Energy (ENLT) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue and income rose 40% YoY to $231M; Adjusted EBITDA increased 38% to $154M.

• Portfolio reached 46.2 FGW, including 12.7 FGW mature and 5.6 FGW under construction; FY2026 guidance was raised.

Financial highlights

• Q3 revenue and income was $231M vs. $165M; Adjusted EBITDA was $154M vs. $112M, and net income was $34M vs. $32M.

• Q3 net income increased 76% YoY excluding one-time items.

• 9M revenue and income reached $641M, up 49%; Adjusted EBITDA was $468M, up 38%, or $438M, up 48%, excluding Sunlight transactions.

• Operating cash flow rose 26% to $104M in Q3 and 39% to $289M in 9M.

• Q3 electricity sales revenue rose 35% to $187M; new projects contributed $21M, FX $9M and Israeli trading $17M excluding FX.

Outlook and guidance

• FY2026 revenue and income guidance increased to $810M–$830M from $790M–$820M; Adjusted EBITDA guidance rose to $575M–$590M from $565M–$585M.

• ARR is targeted to exceed $2.2B by end-2028; operating capacity is expected to reach ~12 FGW, with a $2.2B–$2.3B annual revenue and income run rate.

• 8.7 FGW is under construction or expected to start through 2027; ~7 FGW is expected under construction by year-end 2026, with ~86% of mature capacity operating or under construction.

• Under-construction projects are expected to contribute ~$1.05B annual revenue and income in their first full year; projected returns are ~13% unlevered and >18% after leverage.

• Q4 Israeli electricity-trading revenue is expected below Q3 due to lower solar output and seasonal demand.