Operating Segments

6 Months Ended

Jun. 30, 2026

Note 12 - 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.

				Spain												Netherlands			Israel
	Italy Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			USA Solar			Biogas			Dorad¹			Manara Pumped Storage		Total reportable segments			Reconciliations			Total consolidated
	For the six months ended June 30, 2026
	€ in thousands

Revenues		2,282			1,222			394			8,339			717			8,130			15,195			-		36,279			(15,195	)		21,084
Operating expenses		(391	)		(214	)		(285	)		(1,959	)		(156	)		(6,842	)		(11,732	)		-		(21,579	)		11,731			(9,848	)
Depreciation expenses		(974	)		(491	)		(476	)		(5,798	)		(866	)		(453	)		(1,454	)		-		(10,512	)		1,403			(9,109	)
Gross profit (loss)		917			517			(367	)		582			(305	)		835			2,009			-		4,188			(2,061	)		2,127

Project development costs																															(810	)
General and administrative expenses																															(4,942	)
Other income, net																															1,802

Operating profit (loss)																															(1,823	)
Financing income																															1,428
Financing income in connection
with derivatives and warrants, net																															3,540
Financing expenses																															(37,568	)
Loss before taxes on income from continuing operations																															(34,423	)

Profit from discontinued operation (net of tax) ¹																															83,334

Segment assets as at June 30, 2026		205,207			12,340			18,182			204,448			93,417			32,930			-			259,495		826,019			133,168			959,187

¹	As a result of the sale of the Company’s indirect holdings in Ellomay Luzon Energy, the Company’s share of profits of Dorad was recognized only up to the date of signing of the sale agreement and presented as discontinued operations.

				Spain												Netherlands			Israel
	Italy Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			USA Solar			Biogas			Dorad¹			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	)
Other income, net																															1,431

Operating profit (loss)																															(2,381	)
Financing income																															7,051
Financing income in connection
with derivatives and warrants, net																															439
Financing expenses																															(8,468	)
Loss before taxes on income from continuing operations																															(3,359	)

Profit from discontinued operation (net of tax) ²																															12

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

¹	As a result of the sale of the Company’s indirect holdings in Ellomay Luzon Energy, the Company’s share of profits of Dorad was presented as discontinued operations.

				Spain												Netherlands			Israel
	Italy Solar			Subsidized Solar Plants			28 MW Solar			Talasol Solar			USA Solar			Biogas			Dorad¹			Manara Pumped Storage		Total reportable segments			Reconciliations			Total consolidated
	For the year ended December 31, 2025
	€ in thousands

Revenues		4,998			3,127			1,462			17,364			857			15,019			64,019			-		106,846			(64,019	)		42,827
Operating expenses		(541	)		(537	)		(338	)		(4,765	)		(190	)		(12,777	)		(48,448	)		-		(67,596	)		48,188			(19,408	)
Depreciation and amortization expenses		(1,286	)		(921	)		(1,010	)		(11,383	)		(755	)		(1,044	)		(5,403	)		-		(21,802	)		5,321			(16,481	)
Gross profit (loss)		3,171			1,669			114			1,216			(88	)		1,198			10,168			-		17,448			(10,510	)		6,938

Project development costs																															(2,649	)
General and administrative expenses																															(6,369	)
Other income, net																															3,599
Operating profit																															1,519
Financing income																															2,876
Financing expense in connection with derivatives and warrants, net																															(3,917	)
Financing expenses, net																															(26,317	)
Profit before taxes on income from continuing operations																															(25,839	)

Profit from discontinued operation (net of tax) ¹																															16,930

Segment assets as at December 31, 2025		178,687			12,760			18,185			210,494			72,959			32,019			107,260			201,062		833,426			10,089			843,515

As a result of the sale of the Company’s indirect holdings in Ellomay Luzon Energy, the Company’s share of profits of Dorad was presented as discontinued operations.