Enlight Renewable Energy (ENLT) Q4 2024 earnings summary

Executive summary

• 2024 revenues and income grew 53% year-over-year to $399 million, with Adjusted EBITDA up 49% to $289 million, surpassing guidance and consensus.

• Net income for 2024 was $67 million, down 32% year-over-year due to one-time items in 2023.

• Cash flow from operations increased 29% to $193 million in 2024.

• Fourth quarter revenues and income rose 35% year-over-year to $104 million, with Adjusted EBITDA up 31% to $65 million.

• Portfolio reached 8.6 GW, with generation capacity up 13% and storage capacity up 44% year-over-year.

Financial highlights

• Full year 2024: revenues $399 million (+53%), Adjusted EBITDA $289 million (+49%), net income $67 million (-32%), cash flow from operations $193 million (+29%).

• Q4 2024: revenues $104 million (+35%), Adjusted EBITDA $65 million (+31%), net income $8 million (-48% YoY, but +90% YoY from ongoing operations after adjusting for one-time items).

• Revenue growth driven by new projects in Israel, Europe, and the U.S., with $18 million in new project revenue in Q4.

• 2024 Adjusted EBITDA was 18% above original guidance and 10% above updated guidance; Q4 Adjusted EBITDA was 25% above consensus.

• Revenue mix in Q4: 34% in Israeli shekel, 47% in euros, 18% in U.S. dollars.

Outlook and guidance

• 2025 revenue guidance: $490–$510 million (+25% YoY midpoint); Adjusted EBITDA: $360–$380 million (+28% YoY).

• 440 MW and 1,100 MWh of projects expected to reach COD in 2025, adding $130 million in revenues and $105 million in Adjusted EBITDA annually.

• Construction to begin on 1.8 GW and 3.9 GWh of new projects in 2025, with recurring revenues projected to exceed $1 billion by 2027.

• By end of 2025, 90% of the 2027 growth plan will be operating or under construction.

• 90% of 2025 generation output expected to be sold at fixed prices.