Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure of detailed information about financial instruments [line items] |
|
| Disclosure of detailed information about the evaluation of derivative financial instruments, mostly forward transactions and currency options |
|
|
|
|
|
|
|
Amount
receivable
in
transaction
currency |
|
|
Amount
payable
in
transaction
currency |
|
|
|
|
|
Fair
value |
|
|
|
|
Project
|
|
|
Millions
|
|
|
Millions
|
|
|
Expiration date
|
|
|
USD millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency forward contracts (1) |
|
|
BESS
|
|
|
USD 5.8
|
|
|
NIS 19.2
|
|
|
January
2027 |
|
|
(0.2)
|
|
Foreign
currency forward contracts (2) |
|
|
PV+BESS
|
|
|
USD
9.6
|
|
|
EUR
8.3
|
|
|
March
2026 |
|
|
(0.1)
|
| |
(1) |
Hedging transaction to hedge against the USD/NIS
exchange rate, based on the schedule of payments to the main contractors of the projects. |
| |
(2) |
Hedging transaction to hedge against the USD/EUR
exchange rate, based on the schedule of payments to the main contractors of the projects. |
|
| Disclosure of sensitivity analysis of changes in foreign currency exchange rates |
|
|
|
As
of December 31, 2025 |
|
|
|
|
Increase
5% |
|
|
|
|
|
Decrease
5% |
|
|
|
|
OCI
|
|
|
Pre-tax
profit |
|
|
Value
|
|
|
Pre-tax
profit |
|
|
OCI
|
|
|
5% Change in the currency
exchange rate |
|
USD
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIS
vs EURO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to foreign operations
|
|
|
-
|
|
|
|
(675
|
)
|
|
|
13,495
|
|
|
|
675
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIS vs EURO
|
|
|
(51,093
|
)
|
|
|
-
|
|
|
|
1,021,869
|
|
|
|
-
|
|
|
|
51,093
|
|
|
NIS vs HUF
|
|
|
(643
|
)
|
|
|
-
|
|
|
|
12,853
|
|
|
|
-
|
|
|
|
643
|
|
|
Total
effect OCI |
|
|
(51,736
|
)
|
|
|
-
|
|
|
|
1,034,722
|
|
|
|
-
|
|
|
|
51,736
|
|
|
|
|
As
of December 31, 2024 |
|
|
|
|
Increase
5% |
|
|
|
|
|
Decrease
5% |
|
|
|
|
OCI
|
|
|
Pre-tax
profit |
|
|
Value
|
|
|
Pre-tax
profit |
|
|
OCI
|
|
|
5% Change in the currency
exchange rate |
|
USD
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIS
vs EURO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to foreign operations
|
|
|
-
|
|
|
|
(626
|
)
|
|
|
12,511
|
|
|
|
626
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIS vs EURO
|
|
|
(41,569
|
)
|
|
|
-
|
|
|
|
831,371
|
|
|
|
-
|
|
|
|
41,569
|
|
|
NIS vs HUF
|
|
|
(462
|
)
|
|
|
-
|
|
|
|
9,249
|
|
|
|
-
|
|
|
|
462
|
|
|
Total
effect on OCI |
|
|
(42,031
|
)
|
|
|
-
|
|
|
|
840,620
|
|
|
|
-
|
|
|
|
42,031
|
|
|
| Disclosure of sensitivity analysis of change in index |
|
|
|
As
of December 31, 2025 |
|
|
|
|
Increase
3% |
|
|
Carrying
value |
|
|
Decrease
3% |
|
|
|
|
Pre-tax
profit |
|
|
|
|
Pre-tax
profit |
|
|
3% Change in the index
rate |
|
USD
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to investees and
non-controlling interests |
|
|
1,356
|
|
|
|
45,184
|
|
|
|
(1,356
|
)
|
|
Loans from banks and
other financial institutions |
|
|
(24,831
|
)
|
|
|
(827,684
|
)
|
|
|
24,831
|
|
|
Loans from non-controlling
interests |
|
|
(43
|
)
|
|
|
(1,441
|
)
|
|
|
43
|
|
|
Other financial liabilities
|
|
|
(81
|
)
|
|
|
(2,687
|
)
|
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,599
|
)
|
|
|
(786,628
|
)
|
|
|
23,599
|
|
|
|
|
As
of December 31, 2024 |
|
|
|
|
Increase
3% |
|
|
Carrying
value |
|
|
Decrease
3% |
|
|
|
|
Pre-tax
profit |
|
|
|
|
Pre-tax
profit |
|
|
3% Change in the index
rate |
|
USD
in thousands |
|
|
|
|
|
|
|
Loans to non-controlling
interests |
|
|
183
|
|
|
|
6,115
|
|
|
|
(183
|
)
|
|
Loans from banks and
other financial institutions |
|
|
(22,625
|
)
|
|
|
(754,163
|
)
|
|
|
22,625
|
|
|
Loans from non-controlling
interests |
|
|
(35
|
)
|
|
|
(1,173
|
)
|
|
|
35
|
|
|
Other financial liabilities
|
|
|
(74
|
)
|
|
|
(2,480
|
)
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,551
|
)
|
|
|
(751,701
|
)
|
|
|
20,551
|
|
|
| Disclosure of detailed information about carrying values of financial instruments which are exposed to cash flow risks in respect of interest rate changes |
|
|
|
As
of December 31, 2025 |
|
|
|
|
Increase
2% |
|
|
Carrying
|
|
|
Decrease
2% |
|
|
|
|
Pre-tax
profit |
|
|
value
|
|
|
Pre-tax
profit |
|
|
2% Change in the interest
rate |
|
USD
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euribor-linked loan from
banks |
|
|
(2,250
|
)
|
|
|
(112,483
|
)
|
|
|
2,250
|
|
|
SOFR-linked credit and
loans from banks (*) |
|
|
-
|
|
|
|
(1,569,925
|
)
|
|
|
-
|
|
|
Loans to investees with
variable interest |
|
|
107
|
|
|
|
5,351
|
|
|
|
(107
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,143
|
)
|
|
|
(1,677,057
|
)
|
|
|
2,143
|
|
|
|
|
As
of December 31, 2024 |
|
|
|
|
Increase
2% |
|
|
Carrying
|
|
|
Decrease
2% |
|
|
|
|
Pre-tax
profit |
|
|
value
|
|
|
Pre-tax
profit |
|
|
2% Change in the interest
rate |
|
USD
in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euribor-linked loan from
banks (*) |
|
|
(510
|
)
|
|
|
(142,123
|
)
|
|
|
510
|
|
|
SOFR-linked credit and
loans from banks (*) |
|
|
-
|
|
|
|
(206,379
|
)
|
|
|
-
|
|
|
Loans to investees with
variable interest |
|
|
219
|
|
|
|
10,951
|
|
|
|
(219
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(291
|
)
|
|
|
(337,551
|
)
|
|
|
291
|
|
| |
(*) |
The company has loans which are linked to the
SOFR interest rate and loans linked to the Euribor interest rate. The loans are used to finance projects under construction. Interest
expenses during the construction period are capitalized to the cost of the facilities and have no impact on the Company’s results.
|
|
| Disclosure of maturity analysis for financial assets held for managing liquidity risk |
|
|
|
As
of December 31, 2025(**) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After
|
|
|
|
|
|
|
|
2026
|
|
|
2027
|
|
|
2028
|
|
|
2029
|
|
|
2030
|
|
|
2030
|
|
|
Total
|
|
|
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
Liability in respect
of deferred consideration arrangement |
|
|
(412
|
)
|
|
|
(412
|
)
|
|
|
(412
|
)
|
|
|
(412
|
)
|
|
|
(412
|
)
|
|
|
(2,101
|
)
|
|
|
(4,161
|
)
|
|
Liability in respect
of put option |
|
|
(24,961
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(24,961
|
)
|
|
Loans from non-controlling
interests |
|
|
(12,615
|
)
|
|
|
(11,070
|
)
|
|
|
(11,878
|
)
|
|
|
(11,528
|
)
|
|
|
(11,505
|
)
|
|
|
(28,806
|
)
|
|
|
(87,402
|
)
|
|
Debentures(*)
|
|
|
(199,941
|
)
|
|
|
(203,781
|
)
|
|
|
(183,148
|
)
|
|
|
(199,764
|
)
|
|
|
(81,558
|
)
|
|
|
(225,901
|
)
|
|
|
(1,094,093
|
)
|
|
Credit and loans from
banks and other financial institutions (*)
|
|
|
(983,595
|
)
|
|
|
(1,056,547
|
)
|
|
|
(276,482
|
)
|
|
|
(296,946
|
)
|
|
|
(227,615
|
)
|
|
|
(2,069,309
|
)
|
|
|
(4,910,494
|
)
|
|
Liability in respect
of tax equity arrangements |
|
|
(16,768
|
)
|
|
|
(15,976
|
)
|
|
|
(15,961
|
)
|
|
|
(15,939
|
)
|
|
|
(10,910
|
)
|
|
|
(73,307
|
)
|
|
|
(148,861
|
)
|
|
Lease liability(*)
|
|
|
(16,175
|
)
|
|
|
(17,491
|
)
|
|
|
(17,162
|
)
|
|
|
(16,954
|
)
|
|
|
(16,415
|
)
|
|
|
(340,700
|
)
|
|
|
(424,897
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,254,467
|
)
|
|
|
(1,305,277
|
)
|
|
|
(505,043
|
)
|
|
|
(541,543
|
)
|
|
|
(348,415
|
)
|
|
|
(2,740,124
|
)
|
|
|
(6,694,869
|
)
|
| |
(*) |
The above figures are presented according to their
par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date.
|
| |
(**) |
The Company has commitments in power purchase
agreements which are not reflected in the Company’s statement of financial position. |
|
| Disclosure of detailed information about the fair value of financial assets and financial liabilities |
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
|
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
Financial
Assets at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable shares
measured at fair value through profit or loss |
|
|
-
|
|
|
|
-
|
|
|
|
83,582
|
|
|
|
83,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
-
|
|
|
|
51,996
|
|
|
|
-
|
|
|
|
51,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts in respect
of forward transactions |
|
|
-
|
|
|
|
(364
|
)
|
|
|
-
|
|
|
|
(364
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions to peg electricity
prices swap (CFD differences contract) |
|
|
-
|
|
|
|
(168
|
)
|
|
|
-
|
|
|
|
(168
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
-
|
|
|
|
(18,323
|
)
|
|
|
-
|
|
|
|
(18,323
|
)
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
|
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
Financial
Assets at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable shares
measured at fair value through profit or loss |
|
|
-
|
|
|
|
-
|
|
|
|
69,216
|
|
|
|
69,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
-
|
|
|
|
55,118
|
|
|
|
-
|
|
|
|
55,118
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts in respect
of forward transactions |
|
|
-
|
|
|
|
(10
|
)
|
|
|
-
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
-
|
|
|
|
(11,448
|
)
|
|
|
-
|
|
|
|
(11,448
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions to peg electricity
prices swap (CFD differences contract) |
|
|
|
|
|
|
(4,123
|
)
|
|
|
|
|
|
|
(4,123
|
)
|
|
| Disclosure of reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy |
|
|
|
2025
|
|
|
2024
|
|
|
|
|
Financial
assets |
|
|
Non-marketable
shares measured at fair value through profit or loss |
|
USD
thousands |
|
|
Balance
as of January 1 |
|
|
69,216
|
|
|
|
53,466
|
|
|
Investment
|
|
|
6,475
|
|
|
|
14,707
|
|
|
Revaluation
(*) |
|
|
665
|
|
|
|
4,580
|
|
|
Translation
differences |
|
|
7,226
|
|
|
|
(3,537
|
)
|
|
Balance
as of December 31 |
|
|
83,582
|
|
|
|
69,216
|
|
|
|
|
2025
|
|
|
2024
|
|
|
|
|
Financial
liabilities |
|
|
Performance-based
(“earn out”) contingent consideration |
|
USD
thousands |
|
|
Balance
as of January 1 |
|
|
-
|
|
|
|
(22,941
|
)
|
|
Revaluation
|
|
|
-
|
|
|
|
(403
|
)
|
|
Repayment
|
|
|
-
|
|
|
|
23,344
|
|
|
Balance
as of December 31 |
|
|
-
|
|
|
|
-
|
|
| |
(*) |
Under financing income and expenses.
|
|
| Disclosure of detailed information about the financial assets and financial liabilities not measured at fair value in statement of financial position |
|
|
|
|
|
Carrying
value |
|
|
Fair
value |
|
|
|
|
|
|
As
of December 31 |
|
|
As
of December 31 |
|
|
|
|
Fair
value level |
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
|
|
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
Debentures and convertible
debentures |
|
Level 1
|
|
|
924,687
|
|
|
|
616,334
|
|
|
|
1,064,173
|
|
|
|
601,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans from banks and
other financial institutions (1) |
|
Level 3
|
|
|
1,115,940
|
|
|
|
1,254,996
|
|
|
|
857,562
|
|
|
|
1,018,890
|
|
| |
(1) |
Fair value is determined according to the present
value of future cash flows, discounted by an interest rate which reflects, according to the assessment of management, the change in the
credit margin and risk level which occurred during the period. |
|
| Disclosure of detailed information about the other financial liabilities |
|
|
|
December
31 |
|
|
December
31 |
|
|
|
|
2025
|
|
|
2024
|
|
|
|
|
USD
in thousands |
|
|
USD
in thousands |
|
|
Current
assets |
|
|
|
|
|
|
|
Other
financial assets |
|
|
|
|
|
|
|
Interest
rate swaps |
|
|
-
|
|
|
|
975
|
|
|
Loans
to non-controlling interests (3) |
|
|
524
|
|
|
|
446
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Other
financial assets |
|
|
|
|
|
|
|
|
|
Loans
to non-controlling interests |
|
|
6,387
|
|
|
|
5,669
|
|
|
Interest
rate swaps |
|
|
51,996
|
|
|
|
54,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,907
|
|
|
|
61,233
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
Other
financial liabilities |
|
|
|
|
|
|
|
|
|
Transactions
to peg electricity prices swap (CFD differences contract) |
|
|
(168
|
)
|
|
|
(4,122
|
)
|
|
Interest
rate swaps |
|
|
(5,151
|
)
|
|
|
(591
|
)
|
|
Liability
in respect of tax equity arrangement |
|
|
(10,464
|
)
|
|
|
(3,418
|
)
|
|
Contracts
in respect of forward transactions |
|
|
(364
|
)
|
|
|
(10
|
)
|
|
Financial
liabilities through profit or loss |
|
|
|
|
|
|
|
|
|
Liability
in respect of deferred consideration arrangement (2) |
|
|
(169
|
)
|
|
|
(184
|
)
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Other
financial liabilities |
|
|
|
|
|
|
|
|
|
Interest
rate swaps |
|
|
(13,172
|
)
|
|
|
(10,857
|
)
|
|
Liability
in respect of tax equity arrangement |
|
|
(365,131
|
)
|
|
|
(97,008
|
)
|
|
Financial
liabilities through profit or loss |
|
|
|
|
|
|
|
|
|
Liability
in respect of deferred consideration arrangement (2) |
|
|
(2,519
|
)
|
|
|
(2,296
|
)
|
|
Founder’s
put option (1) |
|
|
(24,427
|
)
|
|
|
(23,548
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(421,565
|
)
|
|
|
(142,034
|
)
|
| |
(1) |
For additional details, see Note 8A(1).
|
| |
(2) |
The Company has liabilities in respect of deferred
consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the
initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance
of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December
31, 2025 and 2024, amounted to USD 2,688 thousand
and USD 2,480 thousand,
respectively. |
| |
(3) |
The current maturities related to Loans to non-controlling
interests included in Other receivables in the Consolidated Statements of Financial Position. |
|
| Interest rate swap contract [member] |
|
| Disclosure of detailed information about financial instruments [line items] |
|
| Disclosure of interest rate swap contracts which were designated as hedging instruments |
|
|
Interest
rates |
Par
value |
Final
|
Carrying
value |
|
Hedged
contract |
Original
|
After
hedging |
In thousands
|
repayment
date |
USD
in thousands |
|
Loan to finance the Lukovac
project |
3
month Euribor |
0.75%
|
EUR 13,965
(USD 16,397)
|
31/03/2031
|
650
|
|
Loan to finance the Picasso
project |
3
month Euribor |
1.08%
|
EUR 62,591
(USD 73,490)
|
31/03/2039
|
6,052
|
|
Loan to finance the Attila
projects |
3
month
Bubor |
1.445%-3.7%
|
HUF 11,081,815
(USD 32,375)
|
31/12/2030
|
3,593
|
|
Loan to finance the Bjorn
project |
6
month Euribor |
0.526%
|
EUR 147,400
(USD 173,068)
|
28/12/2040
|
28,352
|
|
Loan to finance the Raaba
ACDC project |
3
month Euribor |
2.908%
|
EUR 7,484
(USD 8,787)
|
30/12/2033
|
(167)
|
|
Loan to finance the Raaba
Flow project |
3
month Euribor |
2.809%
|
EUR 16,617
(USD 19,511)
|
30/12/2033
|
(253)
|
|
Loan to finance the Pupin
project |
3
month Euribor |
2.987%
|
EUR 57,886
(USD 67,966)
|
31/03/2040
|
(2,155)
|
|
Loan to finance the Atrisco
project - PV |
|
4.0712%
|
USD 113,129
|
30/09/2049
|
(747)
|
|
Loan to finance the Atrisco
project - BESS |
|
4.1049%
|
USD 173,228
|
30/09/2049
|
(2,667)
|
|
Loan to finance the Country
Acres project |
|
3.8955%
|
USD 281,647
|
30/09/2056
|
4,371
|
|
Loan to finance the Quail
Ranch project |
|
4.0485%
|
USD 99,591
|
31/03/2051
|
(1,172)
|
|
Loan to finance the Roadrunner
project |
|
4.141%
|
USD 285,621
|
31/12/2050
|
(6,702)
|
|
Loan to finance the Snowflake
project |
|
4.06%
|
USD 750,723
|
30/06/2052
|
4,518
|
|