ENLIGHT RENEWABLE ENERGY REPORTS

SECOND QUARTER 2025 FINANCIAL RESULTS

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

 

TEL AVIV, ISRAEL, August 6, 2025 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter of 2025 ending June 30, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

 

Financial Highlights

 

6 months ending June 30, 2025

 

 

 

 

 

3 months ending June 30, 2025

 

 

 

 

 

                                                   

¹ An accounting reduction of $12m due to the impact of foreign exchange differentials on a dollar-denominated loan to a subsidiary, with no economic or cashflow effects on the Company.

² The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix

 

 

Summary of key financial results for 2Q25 and 1H25

 

Raising full year guidance ranges

 

 

Executive Leadership Changes

 

On October 1, 2025, Adi Leviatan will become the Company’s Chief Executive Officer, succeeding Gilad Yavetz who was appointed as Enlight’s full-time Executive Chairman of the Board. Yair Seroussi, our current Chairman of the Board, will serve as Vice Chairman of the Board.

 

Positive and more certain environment across all geographies

 

We believe that the terms of the recently passed reconciliation bill are favorable for the utility scale solar and storage segments, providing the large companies such as Enlight a window of significant growth opportunities. This is especially significant for our extensive portfolio of energy storage projects, which received longer eligibility for tax credits in the new bill. Europe and MENA markets continue to grow, with strong demand to both renewable energy generation and energy storage.

 

The roadmap which we first presented in May has begun to take shape, and the Company is advancing toward the start of construction of an additional 2 to 4 FGW for COD by the end of 2028. These projects are not currently included in our mature portfolio. Of these, between 1 to 2 FGW are expected to be built in the U.S. By the end of 2028, the total annual revenue run rate is expected to reach $1.9-2.2 billion.

 

“We are very pleased with another quarter of extremely strong results in our financial and operational results,” said Gilad Yavetz, CEO of Enlight Renewable Energy. “The combination of strong execution, coupled with un-compromised business innovation, continues to bear fruit. In parallel we keep on strengthening our management infrastructure. We welcome Adi Leviatan to our strong and well-balanced leadership team. I’m honored and excited to take the role of executive chairman of the board as of October 1st. I’m confident that with Adi as the new CEO, Enlight will continue to break new grounds.”

 

Portfolio Review

 

This quarter we continued substantial advancement of projects through the various phases of our portfolio. Enlight’s total portfolio is comprised of 20.0 GW of generation capacity and 53.4 GWh energy storage (totaling 35.3 FGW³), an increase of 17% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.2 GW generation capacity and 10.3 GWh of storage (9.2 FGW), an increase of 7% from the Mature portfolio of 8.6 FGW at the end of 2024. The full composition of the portfolio appears in the following table:

 

Component	Status	FGW1	Annual revenues & income run rate ($m)
Operating	Commercial operation	3.1	~5274
Under Construction	Under construction	2.9	~550
Pre-Construction	0-12 months to start of construction	3.2	~450
Total Mature Portfolio	Mature	9.2	~1,500
Advanced Development	13-24 months to start of construction	6.0	-
Development	2+ years to start of construction	20.1	-
Total Portfolio		35.3	-

 

 

•

Under Construction component of the portfolio: 2.9 FGW

o

Consists mostly of four projects in the U.S. with a total capacity of 2.5 FGW.

o

During the second quarter, Snowflake A (1.1 FGW), located in Arizona, entered into under construction status.

o

Projects under construction are expected to contribute ~$550m to the annual revenues and income run rate during their first full year of operation.

³ FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5

⁴ Based on the midpoint of 2025 guidance.

 

 

 

With the completion of the current Mature portfolio’s pre-construction and under construction projects, Enlight’s Mature portfolio operating capacity is expected to rise to 9.2 FGW and to generate an annualized revenue and income run rate of $1.5bn by 2028.

 

 

 

 

 

 
Project and Corporate Finance

 

 

 

2025 Guidance

 

Construction and commissioning

 

•

Commencing construction on 4.8 FGW of capacity during 2025, (of which 2.9 FGW has already begun), and is expected to add approximately $827-869m in revenues and income run rate and approximately $726-763m in annualized EBITDA gradually through 2025-2028.

⁵ Expected Adjusted EBITDA margin of approximately 70%-80% for the years shown. FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time. The company's revenues from tax benefits are estimated at approximately 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenue run rate for December 2027 and December 2028.

 

 

 

Raising financial guidance ranges

 

 

 

 

Financial Results Analysis

 

 

Revenues & Income

 

⁶ Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $70m-$80m.

⁷ EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

 

Net Income

 

In the second quarter of 2025, the Company reported net income of $6 million, representing a 41% decrease from $9 million in the same period last year. This was primarily attributable to several factors: new projects contributed $15 million to net income, while a non-cash accounting reduction due to the impact of foreign exchange differentials on a dollar-denominated loan to a subsidiary resulted in a year-on-year decrease of $12 million. Additionally, other financial expenses increased by $8 million (all amounts stated after tax). Adjusting for the effects of foreign currency accounting reduction, net income amounted to $16m compared to $7m the same quarter last year, an increase of 110% year over year.

 

 

The Company’s Adjusted EBITDA grew by 57% to $96m in the second quarter of 2025, compared to $61m for the same period in 2024. Of this increase, $50m was driven by the factors described above paragraphs. This was offset by an increase of $13m in COGS linked to the addition of new projects, and an increase of $3m in operating expenses.

 

⁸ Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

 

Enlight plans to hold its Second Quarter 2025 Conference Call and Webcasts on Wednesday, August 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

 

 

Please pre-register to join by conference call using the following link:

 

 

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

 

 

Please register and join by webcast at the following link:

 

 

 

Please join the webcast at the following link:

 

 

Non-IFRS Financial Measures

 

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

 

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

 

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

 

Special Note Regarding Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

 

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the  following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

 

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

About Enlight

 

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

 

Company Contacts

 

Yonah Weisz

Director IR

investors@enlightenergy.co.il

Erica Mannion or Mike Funari

Sapphire Investor Relations, LLC

+1 617 542 6180

investors@enlightenergy.co.il

		For the six months ended June 30								For the three months ended June 30
		2025				2024(*)				2025				2024(*)
		USD in				USD in				USD in				USD in
		thousands				thousands				thousands				thousands
Revenues			225,875				175,095				116,117				84,698
Tax benefits			38,972				6,526				18,861				3,262
Total revenues and income			264,847				181,621				134,978				87,960
Cost of sales (**)			(56,484	)			(32,421	)			(29,846	)			(16,985	)
Depreciation and amortization			(71,017	)			(50,886	)			(37,228	)			(25,282	)
General and administrative expenses			(23,336	)			(18,142	)			(11,490	)			(9,283	)
Development expenses			(5,469	)			(4,542	)			(2,905	)			(2,124	)
Total operating expenses			(156,306	)			(105,991	)			(81,469	)			(53,674	)
Gains from projects disposals			97,828				611				566				584
Other income (expenses), net			2,374				1,528				3,479				11
Operating profit			208,743				77,769				57,554				34,881
Finance income			8,166				15,065				1,471				7,000
Finance expenses			(82,286	)			(49,311	)			(52,083	)			(29,818	)
Total finance expenses, net			(74,120	)			(34,246	)			(50,612	)			(22,818	)
Profit before tax and equity loss			134,623				43,523				6,942				12,063
Share of loss of equity accounted investees			(1,645	)			(449	)			(418	)			(305	)
Profit before income taxes			132,978				43,074				6,524				11,758
Taxes on income			(25,606	)			(9,130	)			(955	)			(2,299	)
Profit for the period			107,372				33,944				5,569				9,459
Profit for the period attributed to:
Owners of the Company			95,815				24,806				1,357				8,043
Non-controlling interests			11,557				9,138				4,212				1,416
			107,372				33,944				5,569				9,459
Earnings per ordinary share (in USD) with a par
value of NIS 0.1, attributable to owners of the
parent Company:
Basic earnings per share			0.80				0.21				0.75				0.07
Diluted earnings per share			0.01				0.20				0.01				0.06
Weighted average of share capital used in the
calculation of earnings:
Basic per share			119,107,985				118,104,228				119,421,246				117,825,464
Diluted per share			127,192,179				123,092,306				129,204,402				125,866,004

Consolidated Statements of Financial Position as of
		June 30				December 31
		2025				2024
		USD in				USD in
		Thousands				Thousands
Assets
Current assets
Cash and cash equivalents			480,459				387,427
Restricted cash			86,164				87,539
Trade receivables			78,329				50,692
Other receivables			66,244				99,651
Other financial assets			693				975
Assets of disposal groups classified as held for sale			-				81,661
Total current assets			711,889				707,945
Non-current assets
Restricted cash			64,489				60,802
Other long-term receivables			65,046				61,045
Deferred costs in respect of projects			448,096				357,358
Deferred borrowing costs			280				276
Loans to investee entities			57,561				18,112
Investments in equity accounted investees			54,145				-
Fixed assets, net			4,747,284				3,699,192
Intangible assets, net			303,895				291,442
Deferred taxes assets			9,195				10,744
Right-of-use asset, net			217,783				210,941
Financial assets at fair value through profit or loss			79,043				69,216
Other financial assets			64,989				59,812
Total non-current assets			6,111,806				4,838,940
Total assets			6,823,695				5,546,885

Consolidated Statements of Financial Position as of (Cont.)
		June 30				December 31
		2025				2024
		USD in				USD in
		Thousands				Thousands
Liabilities and equity
Current liabilities
Credit and current maturities of loans from banks and other financial institutions			504,684				212,246
Trade payables			126,956				161,991
Other payables			338,492				107,825
Current maturities of debentures			25,414				44,962
Current maturities of lease liability			11,158				10,240
Other financial liabilities			12,935				8,141
Liabilities of disposal groups classified as held for sale			-				46,635
Total current liabilities			1,019,639				592,040
Non-current liabilities
Debentures			609,172				433,994
Other financial liabilities			122,657				107,865
Convertible debentures			257,647				133,056
Loans from banks and other financial institutions			2,294,910				1,996,137
Loans from non-controlling interests			86,623				75,598
Financial liabilities through profit or loss			26,427				25,844
Deferred taxes liabilities			69,492				41,792
Employee benefits			1,495				1,215
Lease liability			220,938				211,941
Deferred income related to tax equity			372,446				403,384
Asset retirement obligation			93,806				83,085
Total non-current liabilities			4,155,613				3,513,911
Total liabilities			5,175,252				4,105,951
Equity
Ordinary share capital			3,344				3,308
Share premium			1,028,526				1,028,532
Capital reserves			81,575				25,273
Proceeds on account of convertible options			25,083				15,494
Accumulated profit			203,734				107,919
Equity attributable to shareholders of the Company			1,342,262				1,180,526
Non-controlling interests			306,181				260,408
Total equity			1,648,443				1,440,934
Total liabilities and equity			6,823,695				5,546,885

Consolidated Statements of Cash Flows
		For the six months ended June 30								For the three months ended June 30
		2025				2024				2025				2024
		USD in				USD in				USD in				USD in
		Thousands				Thousands				Thousands				Thousands
Cash flows for operating activities
Profit for the period			107,372				33,944				5,569				9,459
Income and expenses not associated with cash flows:
Depreciation and amortization			71,017				50,886				37,228				25,282
Finance expenses, net			71,073				33,766				48,685				22,280
Share-based compensation			2,994				4,085				1,284				968
Taxes on income			25,606				9,130				955				2,299
Tax benefits			(38,972	)			(6,526	)			(18,861	)			(3,262	)
Other income (expenses), net			(2,374	)			432				(3,479	)			566
Company’s share in losses of investee partnerships			1,645				449				418				305
Gains from projects disposals			(97,828	)			(611	)			(566	)			(584	)
			33,161				91,611				65,664				47,854
Changes in assets and liabilities items:
Change in other receivables			(4,593	)			(4,352	)			(3,737	)			(2,210	)
Change in trade receivables			(20,885	)			3,072				(509	)			19,981
Change in other payables			21,470				860				12,866				1,399
Change in trade payables			(2,650	)			(856	)			(10,452	)			(927	)
			(6,658	)			(1,276	)			(1,832	)			18,243
Interest receipts			6,334				5,366				3,822				2,438
Interest paid			(40,387	)			(33,793	)			(18,089	)			(18,169	)
Income Tax paid			(8,673	)			(4,783	)			(7,598	)			(3,985	)
Net cash from operating activities			91,149				91,069				47,536				55,840
Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net			33,018				(1,388	)			(3,205	)			-
Changes in restricted cash and bank deposits, net			8,186				(15,370	)			10				(10,382	)
Purchase, development, and construction in respect of projects			(658,022	)			(461,801	)			(402,160	)			(262,068	)
Loans provided and Investment in investees			(26,324	)			(14,216	)			(18,894	)			(2,932	)
Repayment of loans to investees			30,815				-				-				-
Payments on account of acquisition of consolidated company			(7,447	)			(10,851	)			-				-
Purchase of long-term financial assets measured at fair value through profit or loss, net			(3,247	)			(11,340	)			(207	)			(2,931	)
Net cash used in investing activities			(623,021	)			(514,966	)			(424,456	)			(278,313	)

Consolidated Statements of Cash Flows (Cont.)
		For the six months ended June 30								For the three months ended June 30
		2025				2024				2025				2024
		USD in				USD in				USD in				USD in
		Thousands				Thousands				Thousands				Thousands
Cash flows from financing activities
Receipt of loans from banks and other financial institutions			674,684				330,449				531,106				259,078
Repayment of loans from banks and other financial institutions			(223,361	)			(77,197	)			(114,439	)			(66,749	)
Issuance of debentures			125,838				-				-				-
Issuance of convertible debentures			114,685				-				-				-
Repayment of debentures			(21,994	)			(1,284	)			-				-
Dividends and distributions by subsidiaries to non-controlling interests			(8,682	)			(3,450	)			(8,682	)			(3,342	)
Deferred borrowing costs			(46,618	)			(5,378	)			(11,419	)			(2,696	)
Repayment of loans from non-controlling interests			-				(1,000	)			-				(45	)
Increase in holding rights of consolidated entity			(1,392	)			(167	)			-				(167	)
Repayment of tax-equity investment			(10,952	)			-				(10,952	)			-
Receipt of loans from non-controlling interests			182				-				182				-
Exercise of share options			30				13				19				13
Repayment of lease liability			(5,803	)			(4,117	)			(1,745	)			(446	)
Proceeds from investment in entities by non-controlling interest			12,799				179				5,067				27
Net cash from financing activities			609,416				238,048				389,137				185,673
Increase (Decrease) in cash and cash equivalents			77,544				(185,849	)			12,217				(36,800	)
Balance of cash and cash equivalents at beginning of period			387,427				403,805				449,530				249,851
Effect of exchange rate fluctuations on cash and cash equivalents			15,488				(9,165	)			18,712				(4,260	)
Cash and cash equivalents at end of period			480,459				208,791				480,459				208,791

		For the six months ended June 30, 2025
		MENA				Europe				USA				Total reportable segments(**)				Others				Total
		USD in thousands
Revenues			95,637				99,184				30,008				224,829				1,046				225,875
Tax benefits			-				-				38,972				38,972				-				38,972
Total revenues and income			95,637				99,184				68,980				263,801				1,046				264,847
Segment adjusted EBITDA			107,031				82,226				59,913				249,170				1,079				250,249
Reconciliations of unallocated amounts:
Headquarter costs (*)																							(22,958	)
Intersegment profit																							127
Gains from projects disposals																							55,336
Depreciation and amortization and share-based compensation																							(74,011	)
Operating profit																							208,743
Finance income																							8,166
Finance expenses																							(82,286	)
Share in the losses of equity accounted investees																							(1,645	)
Profit before income taxes																							132,978

(*)	Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**)

Due to the Company's organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Management and Construction segment has been excluded. The comparative figures for the six-month and three-month periods ending June 30, 2024, have been updated accordingly.

		For the six months ended June 30, 2024
		MENA				Europe				USA				Total reportable segments				Others				Total
		USD in thousands
Revenues			66,041				101,123				3,431				170,595				4,500				175,095
Tax benefits			-				-				6,526				6,526				-				6,526
Total revenues and income			66,041				101,123				9,957				177,121				4,500				181,621
Segment adjusted EBITDA			54,873				83,253				7,831				145,957				2,291				148,248
Reconciliations of unallocated amounts:
Headquarter costs (*)																							(15,629	)
Intersegment profit																							121
Depreciation and amortization and share-based compensation																							(54,971	)
Operating profit																							77,769
Finance income																							15,065
Finance expenses																							(49,311	)
Share in the losses of equity accounted investees																							(449	)
Profit before income taxes																							43,074

(*)	Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

		For the three months ended June 30, 2025
		MENA				Europe				USA				Total reportable segments				Others				Total
		USD in thousands
Revenues			52,770				47,800				15,330				115,900				217				116,117
Tax benefits			-				-				18,861				18,861				-				18,861
Total revenues and income			52,770				47,800				34,191				134,761				217				134,978
Segment adjusted EBITDA			39,014				37,563				29,364				105,941				998				106,939
Reconciliations of unallocated amounts:
Headquarter costs (*)																							(11,257	)
Intersegment profit																							21
Gains from projects disposals																							363
Depreciation and amortization and share-based compensation																							(38,512	)
Operating profit																							57,554
Finance income																							1,471
Finance expenses																							(52,083	)
Share in the losses of equity accounted investees																							(418	)
Profit before income taxes																							6,524

(*)	Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

		For the three months ended June 30, 2024
		MENA				Europe				USA				Total reportable segments				Others				Total
		USD in thousands
Revenues			37,567				41,963				2,200				81,730				2,968				84,698
Tax benefits			-				-				3,262				3,262				-				3,262
Total revenues and income			37,567				41,963				5,462				84,992				2,968				87,960
Segment adjusted EBITDA			30,345				32,546				4,709				67,600				1,623				69,223
Reconciliations of unallocated amounts:
Headquarter costs (*)																							(8,023	)
Intersegment loss																							(69	)
Depreciation and amortization and share-based compensation																							(26,250	)
Operating profit																							34,881
Finance income																							7,000
Finance expenses																							(29,818	)
Share in the losses of equity accounted investees																							(305	)
Profit before income taxes																							11,758

(*)	Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA

* Profit from revaluation linked to partial sale of asset.

o

A 5% change in the USD/ILS exchange rate would result in a ~$5m change in revenues

o

A 5% change in the USD/EUR exchange rate would result in a ~$5m change in revenues

o

A 5% change in the USD/EUR and the USD/ILS exchange rate would result in a ~$11m change in revenues

b)	Operational Projects Further Detail

c)	Projects under construction

e)

Additional information on tax equity investments