v3.26.1
Unaudited Condensed Consolidated Interim Statements of Cash Flows
€ in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
EUR (€)
Jun. 30, 2026
USD ($)
 [1]
Jun. 30, 2025
EUR (€)
Dec. 31, 2025
EUR (€)
Cash flows from operating activities        
Profit (loss) for the period € 58,287 $ 66,439 € (1,576) € (6,381)
Adjustments for:        
Financing expenses, net 32,600 37,160 978 27,358
Profit from settlement of derivatives contract 424
Depreciation and amortization expenses 9,109 10,383 8,488 16,481
Share-based payment transactions 154 176 4 16
Loss on early redemption of debentures (1,224) (1,395)
Profit from discontinued operations (110,804) (126,301)
Share of profit of equity accounted investee (298) (340) (12) (16,930)
Taxes on income in connection with the sale of an equity accounted investee 27,785 31,671
Change in trade receivables and other receivables (2,295) (2,616) 7,385 5,883
Change in other assets (196) (224) (1,002) (713)
Change in trade payables (80) (91) 2,678 551
Change in other payables 1,003 1,143 (4,810) (5,832)
Tax benefit (9,376) (10,687) (1,771) (2,528)
Income taxes paid (500) (571) (27) (583)
Interest received 1,325 1,510 1,344 2,160
Interest paid (9,231) (10,522) (6,626) (17,470)
Net cash provided by (used in) operating activities (3,741) (4,265) 5,053 2,436
Cash flows from investing activities        
Acquisition of fixed assets (66,408) (75,696) (36,930) (97,828)
Interest paid capitalized to fixed assets (1,806) (2,059) (1,827) (4,052)
Proceeds from a sale of an equity accounted investee 167,503 190,930
Advances on account of investments 547
Proceeds from (investment in) restricted cash, net 2,131 2,429 (9,166) 1,584
Investment in short-term deposits, net (55,025) (62,721)
Net cash provided by (used in) investing activities 46,395 52,883 (47,923) (99,749)
Cash flows from financing activities        
Issuance of warrants 475 475
Cost associated with long term loans (1,332) (1,518) (1,057) (4,575)
Proceeds from issuance of shares 12,663
Options exercise 24 27
Sale of shares in subsidiaries to non-controlling interests 6 7 20,852
Proceeds from minority partners in the Italian solar portfolio 51,458
Payment of principal of lease liabilities (541) (617) (452) (1,548)
Proceeds from short-term loans 24,338 27,742 17,434
Proceeds from long-term loans 43,852 49,985 465 51,681
Repayment of long-term loans (25,537) (29,109) (6,753) (35,414)
Repayment of debentures (63,941) (72,884) (35,691) (35,691)
Proceeds from issuance of debentures, net 56,729 91,181
Proceeds from the sale of tax credits 3,980 4,537 10,160
Proceeds from exercise of warrants 24
Net cash provided by (used in) financing activities (19,151) (21,830) 52,002 140,414
Effect of exchange rate fluctuations on cash and cash equivalents 2,357 2,687 (3,766) 3,379
Increase in cash and cash equivalents 25,860 29,475 5,366 46,480
Cash and cash equivalents at the beginning of the period 87,614 99,869 41,134 41,134
Cash and cash equivalents at the end of the period € 113,474 $ 129,344 € 46,500 € 87,614
[1] Convenience translation into US$ (exchange rate as at June 30, 2026: EUR 1 = US$ 1.14)