Operating Segments

6 Months Ended

Jun. 30, 2025

Note 10 - Operating Segments

The basis of segmentation and the measurement basis for the segment profit or loss are the same as that presented in Note 22 regarding operating segments in the annual financial statements. Segment assets consist of current assets, fixed assets and intangible assets, as included in reports provided regularly to the chief operating decision maker.

	Italy			Spain									USA			Netherlands			Israel
	Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			Solar			Biogas			Dorad			Manara Pumped Storage		Total reportable segments			Reconciliations			Total consolidated
	For the six months ended June 30, 2025
	€ in thousands
Revenues		2,557			1,489			627			8,392			125			6,945			28,086			-		48,221			(28,085	)		20,136
Operating expenses		(231	)		(212	)		(295	)		(2,270	)		(41	)		(6,157	)		(22,047	)		-		(31,253	)		22,047			(9,206	)
Depreciation expenses		(451	)		(458	)		(505	)		(5,679	)		-			(1,359	)		(2,454	)		-		(10,906	)		2,418			(8,488	)
Gross profit (loss)		1,875			819			(173	)		443			84			(571	)		3,585			-		6,062			(3,620	)		2,442

Project development costs																															(2,870	)
General and administrative expenses																															(3,384	)
Share of profits of equity accounted investee																															12
Other income, net																															1,431
Operating profit (loss)																															(2,369	)
Financing income																															7,051
Financing income in connection
with derivatives and warrants, net																															439
Financing expenses																															(8,468	)
Loss before taxes on Income																															(3,347	)

Segment assets as at June 30, 2025		99,231			12,712			18,668			215,216			60,026			31,564			104,648			184,393		726,458			2,856			729,314

	Italy			Spain									USA		Netherlands			Israel
	Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			Solar		Biogas			Dorad			Manara Pumped Storage		Solar*			Total reportable segments			Reconciliations			Total consolidated
	For the six months ended June 30, 2024
	€ in thousands
Revenues		529			1,423			513			8,973			-		8,018			29,803			-		278			49,537			(30,081	)		19,456
Operating expenses		-			(273	)		(337	)		(2,252	)		-		(6,661	)		(22,088	)		-		(142	⁾		(31,753	)		22,230			(9,523	)
Depreciation expenses		(1	)		(460	)		(587	)		(5,741	)		-		(1,442	)		(2,716	)		-		(48	⁾		(10,995	)		2,764			(8,231	)
Gross profit (loss)		528			690			(411	)		980			-		(85	)		4,999			-		88			6,789			(5,087	)		1,702

Adjusted gross profit (loss)		528			690			(411	)		980			-		(85	)		4,999			-		317	¹		7,018			(5,316	)		1,702
Project development costs																																	(2,281	)
General and administrative expenses																																	(3,034	)
Share of profits of equity accounted investee																																	1,809
Operating profit (loss)																																	(1,804	)
Financing income																																	2,424
Financing income in connection
with derivatives and warrants, net																																	2,852
Financing expenses																																	(7,886	)
Loss before taxes on Income																																	(4,414	)

Segment assets as at June 30, 2024		50,898			12,828			19,345			224,778			38,794		31,411			98,481			176,865		-			653,400			(18,618	)		634,782

*	The results of the Talmei Yosef solar plant, which was sold by the Company in June 2024, are presented as a discontinued operation.

The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

	Italy			Spain									USA		Netherlands			Israel
	Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			Solar		Biogas			Dorad			Manara Pumped Storage		Solar*			Total reportable segments			Reconciliations			Total consolidated
	For the year ended December 31, 2024
	€ in thousands
Revenues		2,293			2,974			1,741			18,365			-		15,094			67,084			-		278			107,829			(67,362	)		40,467
Operating expenses		(109	)		(519	)		(593	)		(4,695	)		-		(13,887	)		(50,065	)		-		(142	)		(70,010	)		50,207			(19,803	)
Depreciation and amortization expenses		(89	)		(919	)		(1,088	)		(11,453	)		-		(2,316	)		(2,489	)		-		(48	)		(18,402	)		2,515			(15,887	)
Gross profit (loss)		2,095			1,536			60			2,217			-		(1,109	)		14,530			-		88			19,417			(14,640	)		4,777

Adjusted gross profit (loss)		2,095			1,536			60			2,217			-		(1,109	)		14,530			-		317			19,646			(14,869	)		4,777
Project development costs																																	(4,101	)
General and administrative expenses																																	(6,063	)
Share of income of equity accounted investee																																	11,062
Other income, net																																	3,409
Operating profit																																	9,084
Financing income																																	2,495
Financing income in connection with derivatives and warrants, net																																	1,140

Financing expenses, net																																	(23,286	)
Profit before taxes on income																																	(10,567	)

Segment assets as at December 31, 2024		67,546			12,633			19,403			225,452			55,564		32,360			109,579			186,333		-			708,870			(31,613	)		677,257

The results of the Talmei Yosef solar plant, which was sold by the Company in June 2024, are presented as a discontinued operation and the plant was sold in June 2024. The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.