Enlight Renewable Energy (ENLT) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with 46% year-over-year revenue and income growth to $582 million, 51% Adjusted EBITDA growth to $438 million, and net income up 142% to $161 million, surpassing guidance.

• Expanded total portfolio by 26% to 38 factored gigawatts, with mature portfolio up 33% to 11.4 FGW and operating portfolio up 29% to 3.9 FGW.

• Entered new markets and segments, including data centers and large-scale storage in Germany and Poland, and advanced major U.S. projects (CO Bar, Snowflake) and MENA projects.

• Achieved earlier-than-expected commercial operation for two U.S. projects totaling 0.8 FGW and completed development milestones for the CO Bar complex.

• 2026 expected to be a record year, with 10.4–11.4 FGW operating or under construction and projected annual run-rate revenues of ~$2 billion by year-end 2028.

Financial highlights

• 2025 revenues and income reached $582 million, up 46% from 2024; Adjusted EBITDA was $438 million, up 51%; net profit was $161 million, up 142%; cash flow from operations was $283 million, up 11%.

• Q4 2025 revenues and income were $152 million, up 46% year-over-year; Adjusted EBITDA was $99 million, up 51%; net income was $21 million, up 153%.

• Outperformed 2025 guidance, with revenues and income 4% above midpoint and Adjusted EBITDA 7% above midpoint.

• Gains from project disposals contributed $96 million in 2025, including $42 million from the Sunlight cluster sale.

• Secured $2.9 billion in project finance, $470 million in tax equity, $350 million in mezzanine loans, and $300 million in equity, raising $4.3 billion in total funding for 2025.

Outlook and guidance

• 2026 guidance: revenues and income of $755–$785 million (+32% at midpoint), Adjusted EBITDA of $545–$565 million (+27% at midpoint).

• 1.1 FGW expected to reach COD in 2026, adding $137 million to annualized revenue and $107–$109 million to annualized EBITDA.

• 3–4 FGW expected to begin construction in 2026, with 6.5–7.5 FGW under construction by year-end.

• By 2028, operating capacity projected to reach 12–13 FGW, generating $2.1–$2.3 billion in annual run-rate revenue.

• 90% of 2026 generation output expected to be sold at fixed prices; revenue distribution: 39% USD, 34% ILS, 27% EUR.