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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of August 2026
 
Commission File Number: 001-41613
 
Enlight Renewable Energy Ltd.
(Translation of registrant’s name into English)
 
13 Amal St., Afek Industrial Park
Rosh Ha’ayin, Israel
+ 972 (3) 900-8700
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒ Form 40-F ☐
 
 
EXPLANATORY NOTE
 
On August 4, 2026, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Second Quarter 2026 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Second Quarter 2026.” Details of the conference call are provided in the press release. A copy of the press release, as well as supplemental appendices containing further information regarding the Company’s financial results for the six-month period ended June 30, 2026, and other operational updates, is included as Exhibit 99.1 herewith and a copy of the presentation is furnished as Exhibit 99.2 herewith.
 
Incorporation by Reference
 
Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
 
The press release, including the IFRS financial information contained in the (i) consolidated statements of financial position, (ii) consolidated statements of income and (iii) consolidated statements of cash flows included in the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 and Registration Statement on Form F-3
 
EXHIBIT INDEX
 
The following exhibit is furnished as part of this Form 6-K:
 
Exhibit
Description
 
99.1
99.2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Enlight Renewable Energy Ltd.
   
Date: August 4, 2026
By:
/s/ Lisa Haimovitz
   
Lisa Haimovitz
   
VP General Counsel
 
0001922641 false 2026-06-30 --12-31 Q2 Excluding depreciation and amortization. See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025. 0001922641 2026-01-01 2026-06-30 0001922641 2025-04-01 2025-06-30 0001922641 2026-04-01 2026-06-30 0001922641 2025-01-01 2025-06-30 0001922641 2025-03-31 0001922641 2026-03-31 0001922641 2024-12-31 0001922641 2025-06-30 0001922641 2026-06-30 0001922641 2025-12-31 0001922641 ifrs-full:AllOtherSegmentsMember 2026-01-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember 2026-01-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:US 2026-01-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember srt:EuropeMember 2026-01-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:IL 2026-01-01 2026-06-30 0001922641 ifrs-full:AllOtherSegmentsMember 2025-01-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember 2025-01-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:US 2025-01-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember srt:EuropeMember 2025-01-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:IL 2025-01-01 2025-06-30 0001922641 ifrs-full:AllOtherSegmentsMember 2026-04-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember 2026-04-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:US 2026-04-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember srt:EuropeMember 2026-04-01 2026-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:IL 2026-04-01 2026-06-30 0001922641 ifrs-full:AllOtherSegmentsMember 2025-04-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember 2025-04-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:US 2025-04-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember srt:EuropeMember 2025-04-01 2025-06-30 0001922641 ifrs-full:OperatingSegmentsMember country:IL 2025-04-01 2025-06-30 0001922641 enlt:AdjustmentsMember 2025-01-01 2025-06-30 0001922641 ifrs-full:PreviouslyStatedMember 2025-01-01 2025-06-30 0001922641 enlt:AdjustmentsMember 2025-04-01 2025-06-30 0001922641 ifrs-full:PreviouslyStatedMember 2025-04-01 2025-06-30 iso4217:ILS xbrli:shares xbrli:shares iso4217:USD iso4217:USD xbrli:shares
Exhibit 99.1

 

Earnings Release
 image0.jpg
 
ENLIGHT RENEWABLE ENERGY REPORTS
SECOND QUARTER 2026 FINANCIAL RESULTS
 
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
 
TEL AVIV, ISRAEL, August 4, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the quarter ended June 30, 2026. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.
 
The entire suite of the Company’s 2Q26 financial results can be found on our IR website at https://enlightenergy.com/data/financial-reports/
 
Financial Highlights
 
3 months ending June 30, 2026
 
  •
Total revenues and income1 of $210 million, an increase of 55% compared to the same period last year.
 
  •
Net income of $31 million, compared to $6 million in the same period last year.
 
  •
Adjusted EBITDA2 of $160 million, compared to $96 million in the same period last year. Excluding a gain of approximately $17 million from the follow-on sale of a 15% stake from the Sunlight cluster in the second quarter of 2026, Adjusted EBITDA totaled $142 million, an increase of 50% from the second quarter of 2025.
 
  •
Cash flow from operating activities3 of about $84 million, an increase of 37% compared to the same period last year.
 
6 months ending June 30, 2026
 
  •
Total revenues and income of $409 million, an increase of 55% compared to the same period last year.
 
  •
Net income of $69 million, compared to $107 million in the same period last year. Excluding a gain of approximately $81 million from the sale of 44% stake from the Sunlight cluster in and deconsolidation in the first quarter of 2025, net income increased by 160%, compared to $26 million in the comparable period.
 
1Total revenues and income include revenues from the sale of electricity, as well as income from tax benefits from U.S. projects
2Adjusted EBITDA is a non-IFRS measure. Please refer to the appendices for the reconciliation to net income. 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
3Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, instead of cash flows from operating activities. Adjustments were made to comparative figures due to a change in accounting policy; for further details, see Appendix No. 4
 
 
  •
Adjusted EBITDA of $314 million, compared to $227 million in the first half of 2025. Excluding a gain of $42 million from the sale of 44% from the Sunlight cluster in the first half of 2025, and a gain of $30 million from follow-on sales of 26% from the Sunlight cluster during the first half of 2026, Adjusted EBITDA amounted to $284 million in the first half of 2026, an increase of 54% from the first half of 2025.
 
  •
Operating cash flow of $185 million, an increase of 48% from the first half of 2025.
 
Summary of key financial results:
 
 
For the three months ended
For the six months ended 
 ($ millions)
June 30, 2026
June 30, 2025
% change
June 30, 2026
June 30, 2025
% change
Revenues and Income
210
135
55%
409
265
55%
Net Income
31
6
460%
69
107
(36%)
Net income excluding the Sunlight transactions
31
6
460%
69
26
160%
Adjusted EBITDA
160
96
67%
314
227
38%
Adjusted EBITDA excluding the Sunlight transactions
142
96
50%
284
185
54%
Cash Flow from Operating Activities
84
62
37%
185
125
48%
 
Portfolio Review
 
During the second quarter and through the date of this release, Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight’s total portfolio is comprised of 21.8 GW of generation capacity and 74.6 GWh energy storage (totaling 43.1 FGW1), representing an increase of 4.6% compared to the total portfolio at the release date of the first quarter of 2026 (41.2 FGW). The generation component increased by approximately 1.5% and the storage component increased by approximately 8% compared to the previous quarter, reflecting Enlight’s strategy to lead in energy storage as a response to the market’s increasing demand.
 
The mature component of the portfolio (operating projects, projects under construction, and projects in pre-construction) comprises of 6.4 GW of generation capacity and 20.5 GWh of storage capacity, totaling 12.3 FGW, compared to 11.6 FGW at the end of the previous quarter, an increase of 6%. Approximately 53% of the capacity is located in the U.S., 32% in Europe, and approximately 15% in MENA.
 
                                                           
4FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
 
 
The advanced development and development components comprise 15.4 GW of generation capacity and 54.1 GWh of storage capacity, totaling 30.8 FGW, an increase of 4% sequentially. Approximately 72% of the capacity is located in the U.S., 15% in MENA, and 13% in Europe.
 
The composition of Enlight’s portfolio appears in the following table:
 
Component
Status
FGW
Annual revenues & income run rate ($m)
Operating
Commercial operation
3.9
~780-810
Under construction
Under construction
4.5
~840
Pre-construction
0-12 months to start of construction
3.9
~660
Total Mature Portfolio
  
12.3
~$2,300m
Advanced development
13-24 months to start of construction
7.8
    -
Development
24+ months to start of construction
23.0
    -
Total Portfolio
 
43.1
-
 
  •
Operating component of the portfolio: 3.9 FGW
 
  o
Approximately 41% of the operating component is in the U.S., 34% in Europe, and 25% in Israel. 90% of operating capacity is contracted under PPAs, of which approximately 24% is under index-linked PPAs.
  o
The operating portfolio generates annualized revenues and income run rate of approximately $780 to $810 million. The increase in run-rate revenues from operating assets is driven mainly by higher revenues from electricity trade in Israel, good operational performance in the Company’s projects, higher electricity prices and exchange rates fluctuations.
 
  •
Under construction component of the portfolio: 4.5 FGW
 
  o
This component increased quarter-over-quarter by approximately 500 FMW (approximately 12%),
  o
The Bertikow project in Germany (storage capacity of 881 MWh) started construction during the quarter.
  o
As part of its strategy to expand energy storage capacity in Europe, the Company acquired and commenced construction of two energy storage projects in Finland, a key hub for data center development. The projects have a combined storage capacity of 902 MWh, are expected to achieve commercial operation during the first half of 2028 and are projected to generate an unlevered return5 of 19% to 20%.
  o
The under-construction component includes six projects in the U.S. (CO Bar Phases I-III, Country Acres, Crimson Orchard, and Snowflake A) with a total capacity of 3.4 GW, seven projects in Europe with an aggregate capacity of approximately 912 MW, and projects in Israel with a total capacity of approximately 142 MW.
 
  o
Energy storage projects (either standalone or paired with generation assets) account for approximately 42% of the under-construction component.
  o
During the second quarter, financing for the CO Bar complex in Arizona was successfully completed, totaling $2.6 billion. The financing was provided by a consortium of seven leading global financial institutions. The complex comprises five phases and includes 1.2 GW of solar generation capacity and 4 GWh of energy storage capacity. Total investment in the CO Bar complex is expected to range between $2.9 billion and $3.0 billion, including a term loan of approximately $1.7 billion. Tax equity proceeds are estimated at about $1.5 billion.
  o
The Company estimates that during the remainder of 2026 it will begin construction of projects totaling approximately 2.7 FGW, such that 87% of the mature component is expected to be either operating or under construction by the end of 2026.
  o
The under-construction component is expected to contribute approximately $840 million to the annual revenues and income in their first full year of operation, compared to $770 million in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above.
 
  •
Pre-construction component of the portfolio: 3.9 FGW
 
  o
This component increased by approximately 220 FMW.
  o
During the quarter, the Karpen Cluster in Romania was acquired, with an aggregate storage capacity of 848 MWh. Commercial operation is expected to commence in several phases during the second half of 2028 and the first half of 2029. The portfolio is expected to generate an unlevered return of 16.8% to 17.2%.
  o
During the quarter, an additional energy storage project in Finland, Kajo, was acquired, with a storage capacity of 542 MWh. Commercial operation is expected during the first half of 2028, and the project is expected to generate an unlevered return of 16.9%–17.3%.
  o
In addition, projects in Israel and Hungary with an aggregate capacity of approximately 56 FMW advanced to pre-construction.
  o
The pre-construction component includes six projects in the U.S. totaling 1.5 FGW, eleven projects in Europe totaling approximately 1.7 FGW, and projects in Israel totaling 0.7 FGW.
  o
Storage projects account for 77% of total capacity.
  o
Pre-construction projects are expected to contribute approximately $660 million to the annual recurring revenues and income in their first full year of operation, an increase from $540 million in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above.
 
                                                           
5 Calculated by dividing the projected EBITDA for the first full year of operations by the estimated net construction cost.
 
  •
Advanced development component of the portfolio: 7.8 FGW
 
  o
This component increased by 500 FMW sequentially.
  o
During the quarter projects with an aggregate capacity of 324 FMW in the U.S. (in SPP), 286 FMW in Poland and 245 FMW in Israel transitioned from development to advanced development.
  o
This component includes 5.5 FGW in the U.S., 1.2 FGW in Europe, and 1.1 FGW in MENA.
  o
Storage projects account for 48% of total capacity.
  o
As of the date of this report, the entire advanced development portfolio in the U.S. has successfully completed System Impact Study process and has a high likelihood of securing grid interconnection.
  o
Approximately 5 FGW of U.S. capacity met Safe Harbor6 requirements (approximately 91% of this component’s capacity in the U.S.), securing eligibility for tax benefits.
 
  •
Development component of the portfolio: 23 FGW
 
  o
This component includes 16.9 FGW in the U.S., 3.4 FGW in MENA, and 2.7 FGW in Europe.
  o
The main additions over the past three months include projects totaling planned capacity of approximately 2 FGW in the U.S., of which energy storage projects with aggregated capacity of 2.4 GWh in PJM and projects with aggregated electricity generation capacity of 478 MW and storage capacity of 1.4 GWh in CAISO. 240 MW planned electricity generation and 800 MWh of planned energy storage capacity were added in WECC.
 
                                                                       
6 Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions
 
  o
Storage projects account for approximately 51% of total capacity.
  o
As of the earnings release date, 8.1 FGW (approximately 48% of this component’s capacity in the U.S.) successfully completed System Impact Study and have a high likelihood of achieving grid interconnection.
  o
Approximately 6.4 FGW of U.S. capacity met Safe Harbor requirements (approximately 38% of this component’s capacity in the U.S.), securing eligibility for tax benefits.
  o
Under current U.S. legislation, energy storage projects that commence construction by the end of 2033 are eligible for the full value of available tax credits, with a gradual phase-down for projects beginning construction during the following three years. The Company currently has approximately 4.7 GW of energy storage capacity in its portfolio that is expected to begin construction over the coming years.
  o
The Company expects to pursue similar tax credit eligibility for future energy storage projects added to its portfolio, subject to their commencement of construction within the applicable qualification period.
 
With completion of the current mature portfolio by year-end 2028, Enlight’s operating capacity is expected to reach approximately 12 FGW, and total annual revenues and income7 run rate is expected to reach $2.2 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 and 2028.
 
image1.jpg
 
                                                    
7The 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; Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. The company's revenues from tax benefits are estimated at approximately 22-24% of the total revenues & income run rate for December 2026 and approximately 28-30% of the total revenues & income run rate for December 2027 and December 2028.

 

 
Project and Corporate Finance
 
During the first half of the year, the Company secured approximately $3.7 billion of financing sources (including project financing):
 
  •
$2.6 billion financing for the CO-Bar complex, representing the largest financing transaction in the Company's history.
 
  •
Approximately $350 million raised through an expansion of Series G bonds on the Tel Aviv Stock Exchange, at an interest rate of approximately 4.4%, reflecting a spread of approximately 0.75% above comparable Israeli government bonds.
 
  •
Issuance of approximately 6 million shares, generating gross proceeds of approximately $420 million.
 
  •
$304 million financing secured for the Crimson Orchard project in Idaho, U.S.
 
  •
Follow-on transactions for the sale of additional stakes in the Sunlight portfolio, generating proceeds of $38 million.
 
  •
As of the balance sheet date, cash and cash equivalents at the “topco”8 level8 totaled $877 million. In addition, cash and cash equivalents held by subsidiaries amounted to approximately $287 million.
 
  •
As of the balance sheet date, the Company had available credit facilities of $550 million, of which $132 million had been utilized.
 
  •
As of the balance sheet date, the Company had approximately $1.7 billion of Letter of Credit and Surety Bond facilities, of which $674 million had been utilized.
 
                                                    
8 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.
 
Financial Results Analysis
 
Revenues & Income by Segment
($ millions)
For the three months ended
For the six months ended
Segment
June 30, 2026
June 30, 2025
% change
June 30, 2026
June 30, 2025
% change
MENA
77
53
46%
141
96
48%
Europe
52
48
9%
113
99
14%
U.S.
80
34
133%
154
69
122%
Other
1
0
-
1
1
-
Total Revenues & Income
210
135
55%
409
265
55%
 
Revenues & Income
 
In the second quarter of 2026, the Company's total revenues increased by 55% to approximately $210 million, compared to approximately $135 million in the corresponding quarter last year. Revenues from electricity sales grew by 43% to approximately $166 million.
 
The increase in revenues was primarily driven by new U.S. projects that commenced operations at the end of 2025, contributing approximately $20 million to the growth in electricity sales revenues. Foreign exchange fluctuations contributed an additional $13 million, electricity trading activities in Israel contributed $9 million, and higher power prices together with improved generation output contributed approximately $6 million to the increase in electricity sales revenues.
 
Tax credit revenues amounted to approximately $44 million, compared to approximately $19 million in the corresponding quarter last year. The increase was primarily attributable to new U.S. projects that commenced operations at the end of 2025, as well as additional tax credits recognized at the Atrisco project related to the use of domestic content, which became effective in the third quarter of 2025.
 
Net Income
 
The Company's net income for the second quarter of 2026 totaled $31 million, compared to $6 million in the corresponding quarter last year.
 
The $25 million increase was primarily driven by a $75 million increase in total revenues. This was partially offset by a $19 million increase in cost of revenues, mainly due to the expansion of electricity trading activities in Israel and the commencement of operations at new projects, a $10 million increase in depreciation and amortization expenses, an $8 million increase in general and administrative and development expenses, a $4 million increase in other expenses, primarily due to compensation for lost revenues received in the second quarter of 2025, and a $9 million increase in tax expenses.
 
Gross financing expenses increased by $18 million, primarily as a result of the commencement of operations at new projects. This was partially offset by a $7 million increase in financing income. In addition, during the corresponding period last year, the Company recorded $12 million of financing expenses related to foreign exchange adjustments.
 
 
Adjusted EBITDA
 
The Company's Adjusted EBITDA for the second quarter of 2026 amounted to approximately $160 million, compared to approximately $96 million in the corresponding quarter last year, representing an increase of 67%.
 
The increase compared to the second quarter of 2025 was primarily driven by a $75 million increase in revenues, partially offset by a $17 million increase in cost of revenues resulting from the commencement of operations of new projects and the expansion of electricity trading activities in Israel, a $6 million increase in general, administrative and development expenses (excluding share-based compensation expenses), and a $4 million decrease in other income.
 
Partially offsetting these factors, the follow-on sale of an additional 15% interest in the Sunlight portfolio contributed approximately $17 million to Adjusted EBITDA.
 
 
Conference Call Information  
 
English Conference Call & Webcast at 8:00am ET / 3:00pm Israel: 
 
Please pre-register to join the live conference call:
 
https://register-conf.media-server.com/register/BIa44c30056e064c77bfb6d11ba810306b
 
Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
 
To join by webcast, which will feature a presentation, please use the following link: 
 
https://edge.media-server.com/mmc/p/sk3hcqbs
 
Hebrew Webcast at 6:00am ET / 1:00pm Israel:
 
Please pre-register to join the live webcast:
 
https://enlightenergy-com.zoom.us/webinar/register/WN_Is-DMN7ETJ2-RR28wRf59A
 
The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. An archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.com/info/investors/
 
Supplemental Financial and Other Information
 
We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.com/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.
 
 
Non-IFRS Financial Measures
 
This release presents Adjusted EBITDA, a non-IFRS 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, minus finance income and adjusted to eliminate any non-recurring portions of other income (expenses), net.  compensation received in respect of contractual performance shortfalls and recorded in other income (expenses), net, is included in adjusted EBITDA. Such compensation represents income the company would have generated had the contractual performance levels been achieved. 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 economic gain or loss attributable to the interest sold, calculated as the consideration received less the proportional book value attributable to such interest. 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 the Company’s expectation relating to projects, including their timeline, financing and the achievement of operational and financial 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 expected Revenues, 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, as well as timing of construction of any project; 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 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; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; 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, 2025, 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 12 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
 
Limor Zohar Megen
Director IR
investors@enlightenergy.com
 
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.com
 
Appendix 1 – Financial information
 
Consolidated Statements of Income
 
   
For the six months ended June 30
    
For the three months ended June 30
  
   
2026
    
2025
    
2026
    
2025
  
   
USD in
    
USD in
    
USD in
    
USD in
  
   
thousands
    
thousands
    
thousands
    
thousands
  
Revenues
    
322,477
      
225,875
      
165,990
      
116,117
  
Tax benefits
    
86,807
      
38,972
      
43,701
      
18,861
  
Total revenues and income
    
409,284
      
264,847
      
209,691
      
134,978
  
                                 
Cost of sales (*)
    
(92,780
)
    
(56,484
)
    
(48,501
)
    
(29,846
)
Depreciation and amortization
    
(98,106
)
    
(71,017
)
    
(47,384
)
    
(37,228
)
General and administrative expenses
    
(37,081
)
    
(23,336
)
    
(18,118
)
    
(11,490
)
Development expenses
    
(8,689
)
    
(5,469
)
    
(4,690
)
    
(2,905
)
Total operating expenses
    
(236,656
)
    
(156,306
)
    
(118,693
)
    
(81,469
)
Gains from projects disposals
    
889
      
97,828
      
453
      
566
  
Other income (expenses), net
    
3,681
      
2,374
      
(519
)
    
3,479
  
Operating profit
    
177,198
      
208,743
      
90,932
      
57,554
  
                                 
Finance income
    
20,260
      
8,166
      
11,264
      
1,471
  
Finance expenses
    
(104,554
)
    
(82,286
)
    
(60,371
)
    
(52,083
)
Total finance expenses, net
    
(84,294
)
    
(74,120
)
    
(49,107
)
    
(50,612
)
                                 
Profit before tax and equity loss
    
92,904
      
134,623
      
41,825
      
6,942
  
Share of losses of equity accounted investees
    
(1,421
)
    
(1,645
)
    
(428
)
    
(418
)
Profit before income taxes
    
91,483
      
132,978
      
41,397
      
6,524
  
Taxes on income
    
(22,498
)
    
(25,606
)
    
(10,220
)
    
(955
)
Profit for the period
    
68,985
      
107,372
      
31,177
      
5,569
  
                                 
Profit for the period attributed to:
                                
Owners of the Company
    
53,442
      
95,815
      
29,369
      
1,357
  
Non-controlling interests
    
15,543
      
11,557
      
1,808
      
4,212
  
     
68,985
      
107,372
      
31,177
      
5,569
  
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
    
0.39
      
0.80
      
0.21
      
0.01
  
Diluted earnings per share
    
0.36
      
0.75
      
0.20
      
0.01
  
Weighted average of share capital used in the
                                
 calculation of earnings:
                                
Basic per share
    
137,294,117
      
119,107,985
      
139,430,537
      
119,421,246
  
Diluted per share
    
148,712,951
      
127,192,179
      
150,455,906
      
129,204,402
  
 
(*) Excluding depreciation and amortization.
 
 
Consolidated Statements of Financial Position as of
 
   
June 30
    
December 31
  
   
2026
    
2025
  
   
USD in
    
USD in
  
   
Thousands
    
Thousands
  
Assets
            
             
Current assets
            
Cash and cash equivalents
    
1,163,734
      
528,497
  
Bank deposits
    
2,280
      
-
  
Restricted cash
    
122,735
      
409,424
  
Trade receivables
    
111,799
      
95,118
  
Other receivables
    
149,939
      
62,286
  
Other financial assets
    
1,223
      
524
  
Total current assets
    
1,551,710
      
1,095,849
  
                 
Non-current assets
                
Restricted cash
    
133,009
      
130,358
  
Other long-term receivables
    
33,917
      
64,349
  
Deferred costs in respect of projects
    
378,466
      
235,615
  
Deferred borrowing costs
    
2,141
      
1,749
  
Loans to investee entities
    
91,852
      
85,131
  
Investments in equity accounted investees
    
36,027
      
59,310
  
Fixed assets, net
    
7,486,761
      
6,281,418
  
Intangible assets, net
    
318,289
      
303,971
  
Deferred taxes assets
    
4,223
      
4,692
  
Right-of-use asset, net
    
258,464
      
225,495
  
Financial assets at fair value through profit or loss
    
109,061
      
83,582
  
Other financial assets
    
58,137
      
58,383
  
Total non-current assets
    
8,910,347
      
7,534,053
  
                 
Total assets
    
10,462,057
      
8,629,902
  
 
 
Consolidated Statements of Financial Position as of (Cont.)
 
   
June 30
    
December 31
  
   
2026
    
2025
  
   
USD in
    
USD in
  
   
Thousands
    
Thousands
  
Liabilities and equity
            
             
Current liabilities
            
Credit and current maturities of loans from banks and other financial institutions
    
566,257
      
884,120
  
Trade payables
    
78,457
      
137,230
  
Other payables
    
528,706
      
405,741
  
Current maturities of debentures
    
186,745
      
173,571
  
Current maturities of lease liability
    
13,142
      
12,396
  
Other financial liabilities
    
9,445
      
16,147
  
Total current liabilities
    
1,382,752
      
1,629,205
  
                 
Non-current liabilities
                
Debentures
    
854,480
      
477,315
  
Other financial liabilities
    
172,810
      
378,303
  
Convertible debentures
    
287,992
      
273,801
  
Loans from banks and other financial institutions
    
4,158,696
      
2,981,786
  
Loans from non-controlling interests
    
82,449
      
86,946
  
Financial liabilities through profit or loss
    
27,511
      
26,946
  
Deferred taxes liabilities
    
85,751
      
77,688
  
Employee benefits
    
2,096
      
1,645
  
Lease liability
    
265,505
      
231,135
  
Deferred income related to tax equity
    
596,401
      
370,734
  
Asset retirement obligation
    
100,623
      
99,460
  
Total non-current liabilities
    
6,634,314
      
5,005,759
  
                 
Total liabilities
    
8,017,066
      
6,634,964
  
                 
Equity
                
Ordinary share capital
    
3,961
      
3,711
  
Share premium
    
1,743,180
      
1,319,716
  
Capital reserves
    
100,113
      
99,311
  
Proceeds on account of convertible options
    
24,994
      
25,380
  
Accumulated profit
    
293,465
      
240,023
  
Equity attributable to shareholders of the Company
    
2,165,713
      
1,688,141
  
Non-controlling interests
    
279,278
      
306,797
  
Total equity
    
2,444,991
      
1,994,938
  
Total liabilities and equity
    
10,462,057
      
8,629,902
  
 
 
Consolidated Statements of Cash Flows
 
   
For the six months ended
June 30
    
For the three months ended
June 30
  
   
2026
    
2025
    
2026
    
2025
  
   
USD in
    
USD in
    
USD in
    
USD in
  
   
Thousands
    
Thousands
    
Thousands
    
Thousands
  
                         
Cash flows for operating activities
                        
Profit for the period
    
68,985
      
107,372
      
31,177
      
5,569
  
                                 
Income and expenses not associated with cash flows:
                                
Depreciation and amortization
    
98,106
      
71,017
      
47,384
      
37,228
  
Finance expenses, net
    
85,215
      
71,073
      
50,512
      
48,685
  
Share-based compensation
    
10,042
      
2,994
      
4,941
      
1,284
  
Taxes on income
    
22,498
      
25,606
      
10,220
      
955
  
Tax benefits
    
(79,764
)
    
(38,972
)
    
(39,014
)
    
(18,861
)
Other income (expenses), net
    
(1,063
)
    
(2,374
)
    
688
      
(3,479
)
Company’s share in losses of investee partnerships
    
1,421
      
1,645
      
428
      
418
  
Gains from projects disposals
    
(889
)
    
(97,828
)
    
(453
)
    
(566
)
     
135,566
      
33,161
      
74,706
      
65,664
  
                                 
Changes in assets and liabilities items:
                                
Change in other receivables
    
289
      
(4,593
)
    
(1,747
)
    
(3,737
)
Change in trade receivables
    
(20,153
)
    
(20,885
)
    
(18,676
)
    
(509
)
Change in other payables
    
19,631
      
21,470
      
23,657
      
12,866
  
Change in trade payables
    
(14,161
)
    
(2,650
)
    
(20,890
)
    
(10,452
)
     
(14,394
)
    
(6,658
)
    
(17,656
)
    
(1,832
)
                                 
Income Tax paid
    
(5,359
)
    
(8,673
)
    
(3,774
)
    
(7,598
)
                                 
Net cash from operating activities
    
184,798
      
125,202
      
84,453
      
61,803
  
                                 
Cash flows for investing activities
                                
Sale (Acquisition) of consolidated entities, net
    
(14,657
)
    
33,018
      
(14,423
)
    
(3,205
)
Sale of investee entities
    
29,208
      
-
      
29,208
      
-
  
Changes in restricted cash and bank deposits, net
    
280,883
      
8,186
      
53,937
      
10
  
Purchase, development, and construction in respect of projects
    
(1,332,696
)
    
(658,022
)
    
(723,463
)
    
(402,160
)
Interest receipts (*)
    
15,518
      
6,334
      
8,978
      
3,822
  
Loans provided and Investment in investees
    
(28,320
)
    
(26,324
)
    
(8,912
)
    
(18,894
)
Repayment of loans to investees
    
22,504
      
30,815
      
8,134
      
-
  
Payments on account of acquisition of consolidated company
    
(7,874
)
    
(7,447
)
    
(7,874
)
    
-
  
Purchase of long-term financial assets measured at fair value through profit or loss, net
    
(24,999
)
    
(3,247
)
    
(22,735
)
    
(207
)
Net cash used in investing activities
    
(1,060,433
)
    
(616,687
)
    
(677,150
)
    
(420,634
)
 
 
Consolidated Statements of Cash Flows (Cont.)
 
   
For the six months ended
June 30
    
For the three months ended
June 30
  
   
2026
    
2025
    
2026
    
2025
  
   
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
    
1,387,800
      
674,684
      
609,635
      
531,106
  
Repayment of loans from banks and other financial institutions
    
(601,846
)
    
(223,361
)
    
(71,388
)
    
(114,439
)
Interest paid (*)
    
(61,825
)
    
(40,387
)
    
(26,256
)
    
(18,089
)
Issuance of debentures
    
345,933
      
125,838
      
345,933
      
-
  
Issuance of convertible debentures
    
-
      
114,685
      
-
      
-
  
Repayment of debentures
    
-
      
(21,994
)
    
-
      
-
  
Dividends and distributions by subsidiaries to non-controlling interests
    
(37,842
)
    
(8,682
)
    
(37,842
)
    
(8,682
)
Proceeds from investments by tax-equity investors
    
121,068
      
-
      
-
      
-
  
Repayment of tax-equity investment
    
(5,837
)
    
(10,952
)
    
(3,850
)
    
(10,952
)
Deferred borrowing costs
    
(51,410
)
    
(46,618
)
    
(39,636
)
    
(11,419
)
Receipt of loans from non-controlling interests
    
14
      
182
      
-
      
182
  
Repayment of loans from non-controlling interests
    
(3,539
)
    
-
      
(3,539
)
    
-
  
Increase in holding rights of consolidated entity
    
-
      
(1,392
)
    
-
      
-
  
Issuance of shares
    
419,317
      
-
      
-
      
-
  
Exercise of share options
    
35
      
30
      
18
      
19
  
Repayment of lease liability
    
(3,767
)
    
(5,803
)
    
(938
)
    
(1,745
)
Proceeds from investment in entities by non-controlling interest
    
-
      
12,799
      
-
      
5,067
  
                                 
Net cash from financing activities
    
1,508,101
      
569,029
      
772,137
      
371,048
  
                                 
Increase in cash and cash equivalents
    
632,466
      
77,544
      
179,440
      
12,217
  
                                 
Balance of cash and cash equivalents at beginning of period
    
528,497
      
387,427
      
978,761
      
449,530
  
                                 
Effect of exchange rate fluctuations on cash and cash equivalents
    
2,771
      
15,488
      
5,533
      
18,712
  
                                 
Cash and cash equivalents at end of period
    
1,163,734
      
480,459
      
1,163,734
      
480,459
  
 
(*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid
 
Information related to Segmental Reporting
 
   
For the six months ended June 30, 2026
  
   
MENA
    
Europe
    
USA
    
Total reportable segments
    
Others
    
Total
  
   
USD in thousands
  
Revenues
    
141,371
      
113,320
      
66,693
      
321,384
      
1,093
      
322,477
  
Tax benefits
    
-
      
-
      
86,807
      
86,807
      
-
      
86,807
  
Total revenues and income
    
141,371
      
113,320
      
153,500
      
408,191
      
1,093
      
409,284
  
                                                 
Segment adjusted EBITDA
    
125,478
      
85,484
      
138,078
      
349,040
      
(1,400
)
    
347,640
  
           
Reconciliations of unallocated amounts:
          
Headquarter costs (*)
      
(33,398
)
Intersegment profit
      
9
  
Gains from projects disposals (**)
      
(28,905
)
Depreciation and amortization and share-based compensation
      
(108,148
)
Operating profit
      
177,198
  
Finance income
      
20,260
  
Finance expenses
      
(104,554
)
Share of the losses of equity accounted investees
      
(1,421
)
Profit before income taxes
      
91,483
  
 
(*)
Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
 
(**)
Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.

 
Information related to Segmental Reporting
 
   
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 of 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).
 
Information related to Segmental Reporting
 
   
For the three months ended June 30, 2026
  
   
MENA
    
Europe
    
USA
    
Total reportable segments
    
Others
    
Total
  
   
USD in thousands
  
Revenues
    
76,869
      
52,259
      
36,160
      
165,288
      
702
      
165,990
  
Tax benefits
    
-
      
-
      
43,701
      
43,701
      
-
      
43,701
  
Total revenues and income
    
76,869
      
52,259
      
79,861
      
208,989
      
702
      
209,691
  
                                                 
Segment adjusted EBITDA
    
66,703
      
38,900
      
72,044
      
177,647
      
(946
)
    
176,701
  
           
Reconciliations of unallocated amounts:
          
Headquarter costs (*)
      
(16,441
)
Gains from projects disposals (**)
      
(17,003
)
Depreciation and amortization and share-based compensation
      
(52,325
)
Operating profit
      
90,932
  
Finance income
      
11,264
  
Finance expenses
      
(60,371
)
Share of the losses of equity accounted investees
      
(428
)
Profit before income taxes
      
41,397
  
 
(*)
Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
 
(**)
Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.
 
Information related to Segmental Reporting
 
   
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 of 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).
 
 
Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA
 
($ thousands)
 
For the six months
 
For the three months
   
 ended June 30
  
ended June 30
 
 
2026
 
2025
 
2026
 
2025
Net Income
 
68,985
  
107,372
  
31,177
  
5,569
Depreciation and amortization
 
98,106
  
71,017
  
47,384
  
37,228
Share based compensation
 
10,042
  
2,994
  
4,941
  
1,284
Finance income
 
(20,260)
  
(8,166)
  
(11,264)
  
(1,471)
Finance expenses
 
104,554
  
82,286
  
60,371
  
52,083
Gains from projects disposals
  
28,905 (**)
  
(55,336) (*)
  
17,003 (**)
  
(363) (*)
Share of losses of equity accounted investees
 
1,421
  
1,645
  
428
  
418
Taxes on income
 
22,498
  
25,606
  
10,220
  
955
Adjusted EBITDA
 
314,251
  
227,418
  
160,260
  
95,703
 
*   Net profit from deconsolidation and revaluation following the partial sale of an asset (Sunlight cluster).
 
** Contribution to Adjusted EBITDA from the sale of an additional stake in the deconsolidated asset (Sunlight cluster). For more information regarding the composition of Adjusted EBITDA, refer to the description appearing in the     “Non-IFRS financial measures” section of this press release.
 
Appendix 3 – Debentures Covenants 
 
Debentures Covenants 
 
As of June 30, 2026, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:  
 
Minimum equity 
 
The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G     and H remain outstanding. 
 
As of June 30, 2026, the company’s equity amounted to NIS 7,280 million (USD 2,445 million). 
 
Net financial debt to net CAP 
 
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding. 
 
As of June 30, 2026, the net financial debt to net CAP ratio, as defined above, stands at 33%. 
 
Net financial debt to EBITDA 
 
So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods. 
 
For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods. 
 
For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods. 
 
As of June 30, 2026, the net financial debt to EBITDA ratio, as defined above, stands at 5.5.
 
 
Equity to balance sheet 
 
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding. 
 
As of June 30, 2026, the equity to balance sheet ratio, as defined above, stands at 57%. 
 
Appendix 4 – Change in accounting policy 
 
Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.
 
During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap (IRS) instruments to cash flows used in financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management’s view of the financing nature of these transactions.
 
Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:
 
($ thousands)
  
For the six months ended
  
   
June 30, 2025
  
 
 
As reported
 
Adjustment
 
As adjusted
  
Net cash from operating activities
 
91,149
  
34,053
  
125,202
  
Net cash used in investing activities
 
(623,021)
  
6,334
  
(616,687)
  
Net cash from financing activities
 
609,416
  
(40,387)
  
569,029
  
Increase in cash and cash equivalents
 
77,544
  
-
  
77,544
  
 
($ thousands)
  
For the three months ended
  
   
June 30, 2025
  
 
 
As reported
 
Adjustment
 
As adjusted
  
Net cash from operating activities
 
47,536
  
14,267
  
61,803
  
Net cash used in investing activities
 
(424,456)
  
3,822
  
(420,634)
  
Net cash from financing activities
 
389,137
  
(18,089)
  
371,048
  
Increase in cash and cash equivalents
 
12,217
  
-
  
12,217
  
 
Appendix 5
 
 a) Segment information: Operational projects
 
($ thousands)
6 Months ended June 30
3 Months ended June 30
Operational Project Segments
Installed Capacity (MW)
Installed Storage (MWh)
Generation
(GWh)
Revenues and
income
Segment Adjusted
EBITDA1
Generation
(GWh)
Reported Revenue
Segment Adjusted
EBITDA1
     
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
MENA
676
947
766
695
141,371
95,636
92,439
64,387
393
378
76,869
52,769
49,247
38,637
Europe
1,327
-
1,483
1,353
113,321
99,184
85,484
82,226
623
649
52,260
47,800
38,900
37,563
USA
896
2,540
1,013
519
153,499
68,980
138,078
59,913
599
310
79,860
34,191
72,044
29,364
Total Consolidated
2,899
3,487
3,262
2,567
408,191
263,800
316,002
206,526
1,615
1,337
208,989
134,760
160,192
105,564
Unconsolidated at Share
28
47
                        
Total
2,927
3,534
                        
 
 
b)          Operational Projects Further Detail
 
($ thousands)
    
 
6 Months ended June 30, 2026
3 Months ended June 30, 2026
  
Operational Project
Segment
Installed Capacity (MW)
Installed Storage (MWh)
Revenues and
income
Segment Adjusted
EBITDA1
Reported Revenue
Segment Adjusted EBITDA1
Debt balance as of June 30, 2026
Ownership % 2
MENA Wind
MENA
316
-
56,745
 
26,763
 
623,803
49%
MENA PV
MENA
360
947
84,626
 
50,106
 
638,053
84%
Total MENA
  
676
947
141,371
92,439
76,869
49,247
1,261,856
 
Europe Wind
Europe
1,184
-
103,994
 
45,548
 
808,285
65%
Europe PV
Europe
143
-
9,327
 
6,712
 
71,490
73%
Total Europe
 
1,327
-
113,321
85,484
52,260
38,900
897,775
 
USA PV
USA
894
2,540
153,499
 
79,860
 
785,440
100%
Total USA
894
2,540
153,499
138,079
79,860
72,045
785,440
  
Total Consolidated Projects
2,899
3,487
408,191
316,002
208,989
160,192
2,927,070
  
Uncons. Projects at share
28
47
  
 
 
    
50%
Total
  
2,927
3,534
408,191
316,002
208,989
160,192
2,927,070
  
 
1)   For the 6 month ended June 2026, EBITDA included $1.5m of compensation recognized from Bjorenberget and excluded $30m from Sunlight sale and  $3m of compensation from Emek; For the 6 month ended June 2025 EBITDA exculded $42m from Sunlight sale
 
2)   Ownership % is calculated based on the project's share of total revenues
 
 
c)          Projects under construction
 
($ millions)
Consolidated Projects
Country
Generation and energy storage Capacity (MW/MWh)
Est.
COD
Est. Total
Project Cost
Tax credit benefit- Qualifying category
Tax credit benefit- Adders3
 
Discounted Value of Tax Benefit2
Est. Total
Project Cost net of tax benefit
Capital Invested as of June 30, 2026
Est. Equity Required (%)
Equity Invested as of June 30, 2026
Est. First Full Year Revenue4
Est. First Full Year EBITDA4,5
 
 
Ownership % 1
Country Acres
USA
403/688
Q4 2026
814-855
ITC
DC (10%)
399-419
415-436
681
0%-10%6
91
62-65
48-50
100%
Co Bar 1
USA
258/824
H2 2027-
H1 2028
636-669
ITC
EC (10%)
300-315
336-354
427
0%-10%6
244
124-130
97-102
100%
Co Bar 2+3
USA
953/0
1,215-1,277
PTC
EC (10%)
547-575
668-702
100%
Crimson Orchard
USA
120/400
H1 2027
319-335
ITC
EC (10%) +
 DC (10%
BESS only)
164-173
155-162
111
0%-10%6
34
27-28
20-21
100%
Snowflake A
USA
594/1,900
H2 2027
1,397-1,469
ITC
 EC (10%)11
627-659
770-810
892
0%-10%6
159
123-130
101-106
100%
Finland BESS10
Finland
0/902
H1 2028
173-182
-
-
-
173-182
12
15%-25%
12
47-49
34-35
51%
Bertikow
Germany
0/881
H1 2028
187-197
-
-
-
187-197
10
20%-30%
10
37-38
31-32
50%
Gecama Solar
Spain
227/220
Q4 2026
197-207
-
-
-
197-207
153
23%-28%7
153
36-38
29-31
72%
Sestanovac
Croatia
23/75
Q4 2026
35-36
-
-
-
35-36
16
15%-25%
16
7
5-6
100%
Tapolca Bess
Hungary
0/140
Q4 26
21-22
-
-
-
21-22
15
45%
15
7
6-7
100%
Bjornberget – BESS
Sweden
0/100
Q3 2026
24-25
-
-
-
24-25
18
100%
18
3
2
55%
Israel Construction
Israel
7/256
Q3 26-
Q1 27
41-43
-
-
-
41-43
16
20%-30%
16
9-10
5
68%
Total
Consolidated
Projects
 
2,585/
6,386
 
5,059-
5,317
 
  
  2,037-
2,141
3,022-
3,175
2,352
 
769
 481-505
 378-397
  
Unconsolidated
Projects
at share10
Israel
13/171
Q3 2026-
Q1 2027
35-37
-
-
 
-
35-37
36
15%-20%
36
6-7
5
 
52%
Total
 
2,598/
6,557
 
5,094-
5,354
 
  
2,037-
2,141
3,057-
3,212
2,388
 
805
487-512
383-402
  
 
 
d)          Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)
 
 
($ millions)
Consolidated Projects
 
 
Country
 
Generation and energy storage Capacity (MW/MWh)
 
 
Est.
COD
 
Est. Total
Project Cost
Tax Credit Benefit
  
Est. Total
Project Cost net of tax benefit
 
Capital Invested as of June 30, 2026
 
Est. Equity Required (%)
 
Equity Invested as of June 30, 2026
 
 
Est. First Full Year Revenue4
 
 
Est. First Full Year EBITDA4,5
 
 
Ownership % 1
 
Qualifying Category
 
Adders3
Discounted Value of Tax Benefit2
Co Bar 4+5
USA
0/3,176
H1 2028
1,044-1,098
ITC
EC (10%) +
 DC (10%)
604-635
440-463
19
0%-10%
19
124-131
102-108
100%
Nardo
Italy
104/872
2029
234-246
-
-
-
234-246
11
30%
11
39-41
32-33
100%
Jupiter
Germany
150/2,166
H2 2028
538-566
-
-
-
538-566
7
35%
7
95-100
78-82
51%
Karpen
Romania
0/848
H2 2028-H1 2029
154-162
-
-
-
154-162
3
25%-35%
3
31-33
26-28
100%
Kajo
Finland
0/542
H1 2028
106-111
-
-
-
106-111
0
20%
0
25-26
18-19
51%
Ohad HV storage9
Israel
0/675
H2 2028
117-123
-
-
-
117-123
15
20%
15
9
5
100%
Neot Smadar HV storage9
Israel
0/675
H1 2029
115-121
-
-
-
115-121
5
20%
5
7
3
100%
 
 
 
($ millions)
Additional Pre-Construction Projects
 
 
MW Deployment
MW/MWh
 
 
 
Est. Total
Project Cost
 
Tax Credit Benefit
 
Discounted Value of Tax Benefit2
Est. Total
Project Cost net of tax benefit
Capital Invested as of June 30, 2026
Est. Equity Required (%)
Equity Invested as of June 30 2026
 
Est. First Full Year Revenue4
 
Est. First Full Year EBITDA4,5
 
 
Ownership % 1
 
 
2027
2028
2029
Qualifying Category
Adders3
United States
128/0
184/0
255/0
883-929
ITC
DC (10%) & EC (10%)8
439-462
444-467
53
10%-20%
53
61-65
48-50
100%
Europe
0/316
0/208
-
94-99
-
-
-
94-99
3
30%-100%
3
20-21
15-16
87%
MENA
5/526
86/356
-
301-316
-
-
-
301-316
14
20%-40%
14
59-62
21-22
95%
Total Consolidated Projects
133/842
270/564
255/0
3,586-3,771
    
1,043-1,097
2,543-2,674
131
 
131
 470-495
 358-378
  
Unconsolidated Projects at share10
0/26
0/7
-
5
-
-
-
5
1
15%-20%
1
1
1
56%
Total Pre-Construction
912MW +10,393MWh
3,591-3,776
    
1,043-1,097
2,548-2,679
132
 
132
471-496
359-379
  
 
1) The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight's capital plus a preferred return
 
2) Value of tax benefits under the IRA: The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD.  In assessing the value of the ITC, a step-up adjustment was made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the valuation and return of the project. The actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.
 
3) The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
 
4) Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits
 
 
5) EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close 
 
6) The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD
 
7) Gecama Solar’s debt is held under Gecama Wind. As of June 30, 2026, the solar project had $41m USD drawn
 
8) Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);
 
9) Two high voltage projects with total capacity of 1,350MWh. Estimated revenue for the first 5 years is $14-15m million per year. From year 6, the projects will move to a deregulated market, with revenue expected to be $55 million per year
 
10) All numbers, beside equity invested, reflects Enlight share only
 
11) In the previous quarter, the Snowflake A BESS project was presented as expected to be eligible for the Domestic Content (“DC”) Adder. The project will not meet the applicable requirements for the DC adder.  However, the removal of the DC adder is offset by significant savings capital expenditure of the new alternative equipment resulting in a negligible impact on the project’s economics
 
e)          Additional information on tax equity investments
 
   
Tax equity investment
Tax equity partner's share of project tax credits, cash flows, and taxable income
($ millions)
Projects*
Est. Total
Project Cost
Upfront tax equity investment
Tax credit proceeds during the project's operation ("pay-go")
Share of ITC/PTC  tax credit allocated to tax equity partner
Share of taxable income initial period
Duration of initial period for share of taxable income (years)
Share in project cash flow initial period (second period)
Duration of initial period for share in project cash flow (years)
Atrisco PV
369
198
55
Confidential
Confidential
Confidential
17.5% (5%)
10
Atrisco BESS
458
266
-
Confidential
Confidential
Confidential
23% (7%)
5
Quail Ranch
274
131
18
99%
99%
10
10% (5%)
10
Roadrunner
621
337
55
99%
99%
5-10
10%-12% (5%)
10
 
* Apex financing was structured as a sale and leaseback and therefore not included in the table above
 
 
Appendix 6 – cash and cash equivalents
 
($ thousands)
  
June 30, 2026
Cash and Cash Equivalents:
 
 
 
  
Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”)
 
876,801
Subsidiaries
 
 
 
286,933
Deposits:
        
Short term deposits
 
 
 
2,280
Restricted Cash:
        
Projects under construction
 
 
 
122,735
Reserves, including debt service, performance obligations and others
  
133,009
Total Cash
  
 
 
1,421,758
 
Appendix 7 – Corporate level (TopCo) debt
 
($ thousands)
June 30, 2026
Debentures:
 
Debentures
1,041,225*
Convertible debentures
287,992
Loans from banks and other financial institutions:
  
Credit and short-term loans from banks and other financial institutions
67,665
Loans from banks and other financial institutions
116,659
Total corporate level debt
1,513,541
 
* Including current maturities of debentures in the amount of 186,745
 
 
Appendix 8 – Functional Currency Conversion Rates:
 
The financial statements of each of the Company’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the Israeli shekel (“NIS”), which is the Company’s Functional Currency. The Group’s consolidated financial statements are presented in U.S. dollars (“USD”).
 
FX Rates to USD:
 
Date of the financial statements:
Euro
NIS
As of 30th June 2026
1.14
0.34
As of 30th June 2025
1.13
0.28
Average for the 3 months period ended:
   
June 2026  1.16  0.34
June 2025 1.17 0.30
 
 
EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2


 Earnings Presentation   Second Quarter 2026 
 

 Legal disclaimer  This presentation 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 presentation other than statements of historical fact, including, without limitation, statements regarding Enlight Renewable Energy's (the "Company") business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity and potential growth, discussions with commercial counterparties and financing sources, pricing trends, progress of Company projects, including anticipated timing of related approvals and project completion, the Company’s future financial results, expected impact from various regulatory developments, Revenue and Income, EBITDA, and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, macroeconomic trends, 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` the timing of construction of any project; 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; health-related pandemics or outbreaks, including the COVID‑19 pandemic; 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 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, tariffs and our ability to mitigate their impacts, 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; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; 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, 2025 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 presentation. 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.  Unless otherwise indicated, information contained in this presentation concerning the industry, competitive position and the markets in which the Company operates is based on information from independent industry and research organizations, other third- party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation.   Non-IFRS Financial Metrics  This presentation presents Adjusted EBITDA, a non-IFRS 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 Adjusted EBITDA to Net Income, its most directly comparable IFRS financial measure, is contained in the tables at the end of this presentation. 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. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.  The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company. 
 

 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 3FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.  Strong financial results with 55% growth in Revenue and Income1 and 67% growth in Adjusted EBITDA2. net profit of $31 million and operating cash flow of $84 million.   Raising 2026 guidance range. Revenue and Income midpoint increases to $805 million. Adjusted EBITDA increases to $575 million.  Portfolio expanded by 4.6%. Mature component increased by 0.7 FGW3 to 12.3 FGW.   2026 on track: 0.5 FGW have commenced construction during Q2. Under construction component amounts to 4.5 FGW. Over 7 FGW expected to be under construction by year-end.   Key quarterly milestones: Financial close for the CO Bar complex; signing of a PPA with Google in Oklahoma (SPP); exceeding Safe Harbor targets with an additional 4.7 FGW secured during the quarter, reaching 17.9 FGW; storage expansion into new European markets – Finland and Romania.  Q2 2026: Record results and significant progress in business plan execution  
 

 Financial Results – Growth Momentum Continues 
 

 2Q26 vs 2Q25, $m  Revenues & income  Adjusted   EBITDA1  Net profit  Cash flow from operations2  55%  67%  2Q 26  2Q 25  2Q 26  2Q 25  2Q 26  2Q 25  2Q 26  2Q 25  37%  Follow-on sale of the Sunlight cluster contributed $17m in Q2 2026  460%  50% excluding Sunlight  Sunlight  142  Q2 2026: Record quarter in revenues & income and adjusted EBITDA  1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release  
 

 Revenues & income  Adjusted   EBITDA1  Net profit  Cash flow from operations2  H1 2026: 55% growth in revenues & income and 38% growth in adjusted EBITDA  1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release   55%  38%  1H 26  1H 25  1H 26  1H 25  1H 26  1H 25  1H 26  1H 25  -36%  48%  Sunlight sales contribution: $81m in 2025  Sunlight sales contribution: $30m in 2026 and $42m in 2025  160% excluding Sunlight  54% excluding Sunlight  Sunlight  284  Sunlight  185  Sunlight  1H26 Results vs 1H25 ($m)  26 
 

 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amounting to $160-180m. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  Revenues & income1 ($m)  785  755  Adjusted EBITDA2 ($m)  +4.5%  820  790  Updated guidance range  Initial guidance range  Updated guidance range  Initial guidance range  We are raising 2026 revenues & income and adjusted EBITDA guidance by 4.5% & 3.6%  565  545  +3.6%  585  565 
 

 Revenue & income1 ($m)  1Revenues & income include revenues from the sale of electricity and income tax benefits in the U.S. ($160-180 million in 2026); 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  We are sustaining our 40% compounded annual growth rate  41%  CAGR  Adjusted EBITDA2 ($m)  40%  CAGR 
 

 Significant Milestones Achieved 
 

 ISO-NE  NYISO  Southwest  Northwest  CAISO  Southeast  SPP  ERCOT  MISO  PJM  6.9 FGW   WECC – SW   4.5 FGW   PJM  4.1 FGW   WECC – NW  1.6 FGW   CAISO  4.1 FGW   SPP  1.3 FGW   Other  Looking ahead: a ~22.4 FGW development and advanced development portfolio across the entire country 
 

 The Solstice project in Oklahoma will supply electricity to Google’s data centers  First agreement in the U.S. with a commercial customer and first PPA in the Southwest Power Pool (SPP).   The project has successfully completed the System Impact Study and secured Safe Harbor. It is expected to receive full grid interconnection approval during 2026.   Construction expected to begin in 2028, currently under advanced development status  The SPP market1 is expected to grow by approximately 5 GW in peak demand by 2029, alongside a reduction of approximately 5.7 GW in fossil-based generation, increasing the need for investment in new generation capacity  2029  COD  15 Years  Fixed PPA for the PV portion  250 MW + 800 MWh  Total project capacity  200 MWac  1 Source: SPP, Resource Adequacy Report  200 MW solar PPA with Google: expanding Enlight’s hyperscaler customer base 
 

 Portfolio category  Capacity (FGW)  % Completed System Impact Study1   % Secured Safe Harbor1  Operating  1.6  100%  100%   Under construction  3.4  100%  100%  Pre-construction  1.5  100%  100%   Advanced development  5.5  100%  91%  Development  16.9  48%  38%  Total U.S. portfolio  28.9  1Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions  17.9 FGW   Safe Harbored  9 FGW until 12/2025  8.9 during 1-6/2026  20.1 FGW   System Impact Study completed  Exceeding Safe Harbor targets to reach 17.9 FGW, additional potential in storage projects  Additionally, storage projects starting construction by year-end 2033 can qualify for full tax credits.  ~4.7 FGW   additional potential, excluded from the   17.9 FGW 
 

 WECC (Non-CAISO)  AZ  NM  TX  CA  NV  OR  WA  UT  CO  WY  ID  MT  Snowflake A  California  Location  403 MW + 688 MWh  Capacity   Under Construction  Status  $62-65m / $48-50m  First YearRevenues / EBITDA3  11.3%-11.7%1,2  Unlevered Ratio  Country Acres  Arizona  Location  594 MW + 1,900 MWh  Capacity   Under Construction  Status   $123-130m / $101-106m  First Year Revenues / EBITDA3  12.9%-13.3%1,2  Unlevered Ratio  Arizona  Location  1,211 MW + 4,000 MWh   Capacity    1-3 Under Construction   4-5 Pre-Construction  Status  $248-261m / $199-210m  First YearRevenues / EBITDA3  13.6-14.0%1,2  Unlevered Ratio  CO Bar Complex  Idaho  Location  120 MW + 400 MWh   Capacity   Under Construction  Status  $27-28m / $20-21m  First YearRevenues / EBITDA3  12.9-13.3%1,2  Unlevered Ratio  Crimson Orchard  1Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. PTC assumption is based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. The relevant ITC rate is 30-50%, depending on project eligibility for Adders. The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits; 2Excluding tax benefits; 3 Adjusted EBITDA is a non-IFRS measure.  Quarterly highlight: financial closing achieved for CO Bar- the largest in Enlight’s history at $2.6bn, out of a total project Capex of $2.9-3.0bn  Under-construction projects in the U.S. 
 

 1Calculated as expected first full-year EBITDA divided by construction cost  Enlight’s mature phase projects in Europe  1,444 MWh  Storage capacity  1H28  Expected COD  $72-75m  Expected revenue (1st year)  $52-54m  Expected EBITDA (1st year)  18.2-18.6%  Unlevered return1  Finland - Tuovilan, Pyhasalmi, Kajo  848 MWh  Storage capacity  2H28-1H29  Expected COD  $31-33m  Expected revenue (1st year)  $26-28m  Expected EBITDA (1st year)  16.8-17.2%  Unlevered return1  Romania - Karpen Cluster   Enlight’s project  Expanding energy storage into two new European markets  New markets 
 

 Operational   FGW1 3.9   In construction FGW 4.5   Pre-construction  FGW 3.9   Advanced   FGW 7.8   Development  FGW 23   Total portfolio  FGW 43.1   4.6%  FGW = GW + GWh / 3.5  Portfolio expanded by 4.6% in Q2, to a total of 43.1 FGW  12.3 FGW  Components of the Mature Portfolio  +6%  1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs.  
 

 Development     Under construction  Operational  Portfolio advancement in the quarter across multiple geographies and development stages  Start of 2Q26  Pre-construction  Advanced development  29 FMW  23 FMW  324FMW  245 FMW  286 FMW  252 FMW  27 FMW 
 

 Today  Portfolio advancement in the quarter across multiple geographies and development stages  $780-810m  Revenues & income  ~$840m  Revenues & income  ~$660m  Revenues & income  12.3 FGW  Components of the Mature Portfolio with ~$2.3 billion Expected revenues & income  Operational 3.9 FGW1   Under const. 4.5 FGW   Pre-const. 3.9 FGW   Development 23 FGW   Commence operations in 2026-28  Begins construction in the next 12 months  Begins construction in the next 13-24 months  324FMW  29 FMW  286 FMW  325 FMW  2,033FMW  23 FMW  245 FMW  252 FMW  258 FMW  27 FMW  155 FMW  242 FMW  Advanced development 7.8 FGW  1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 
 

 0.5 FGW1 started construction during the past three months  Additional 2.7 FGW expected to start construction during 2026  More than 90% of the mature component in the portfolio expected to be operating or under construction by end of 2026   Mature portfolio  FGW by status – operating and mature  1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5; 2 Cash and cash equivalents include $877M at the “Top Co” and $287M held by subsidiaries  4.0  ~1.2  ~2.7  8.4  To begin construction in 2026  To begin construction in 2027  Under construction  Construction momentum towards 7.2 FGW under construction in 2026   Mature phase portfolio Q2 2026  Operating portfolio  Under and pre-construction 
 

  Cash and cash equivalents at parent company level of $877M and $287M held by subsidiaries 1  8.4 FGW with Capex investment of $8.9b   $1.3b already invested in H1, twice the amount invested in same period last year, indicating of a significant construction momentum  Full operation of the mature component will allow Enlight to reach an ARR of $2.3b by 2028 year-end  Non-yielding mature component of portfolio (FGW)  ~1.2  ~2.7  8.4 FGW  Under Construction  Start of Construction 2027  Start of Construction 2026  Construction momentum on track: majority of milestones completed to achieve $2.3B ARR by 2028   8.4 FGW  7.2 FGW  87% of capacity under construction in 2026  2.2 FGW - Merchant   8.4 FGW  5.4 FGWSecured PPA  90% of capacity either contracted, or intentionally Merchant  $1.4b  $0.7b  50% of project equity invested;   $1.2b available liquidity as of June 30 1  $7.5b  $5.2b  69% of project finance secured 
 

 Expanding data center operations with a global pipeline of 2 GWIT  Pipeline across Enlight’s three geographical segments, as part of our geographic and technological diversification strategy  Development, financing, construction and operation of data centers for AI workloads, located near power generation sources  Focus on large data centers (>100 MW IT), near-generation resources (mainly renewables)  Leveraging emerging regulatory frameworks for co-located data centers with generation (Bring Your Own Generation) and energy storage   Activities across the entire value chain, leveraging existing capabilities and strategic partnerships  ~2 GWIT  Pipeline  Business model  Strategy  Power Provider  Powered land  Powered shell  DC Operator  CPU infrastructure  Electricity  Land  Supporting Infrastructure  Clients 
 

 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio, and advanced development projects with an expected COD in 2028  Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.2 billion1 by end-2028 
 

 Mature component - 12.3 FGW, revenues & income of ~$2.3bn  1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5; 3The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time; 4The company's revenues from tax benefits are estimated at approximately 22-24% of the total revenue run rate for December 2026, and approximately 28-30% of the total revenues & income run rate for December 2027 and December 2028; 5The gap between revenues & income in the mature portfolio and 2028 ARR stems from mature projects completing construction in 2029  Weighted average of Enlight’s share of revenues and income  Annual recurring revenues & income run rate roadmap1,3,4,5 ($bn)  Global operating capacity roadmap2,3   (FGW)  Mature portfolio: $2.3bn  Mature portfolio: 12.3 FGW  ARR1 expected to exceed $2.2bn by year-end 2028, with rising share of project ownership  41%  CAGR   77%  90%  86%  88%  91%  41%  CAGR  
 

 Average historic return on operating assets (3.9 FGW) above 15%  Under construction and pre-construction projects (8.4 FGW) maintain high returns:  ~13% Unlevered project returns  EBITDA1 First year expected   ~$760m  Expected net Capex2  ~$5,750m  =  Reflects a return on equity of above 18%  After leverage  1Projected results do not include tax benefits; 2Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment has been made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the value and return of the project. The actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.  Sustaining 3X growth rate every three years with ROE above 18% 
 

 Strong management platforms across all geographies  Global access to capital at attractive costs  Strong balance sheet and high available liquidity  Large and diversified project portfolio  Proven execution capabilities  Global network of top-tier partners (offtakers, banks, OEMs)  Additional details in the appendix  The strongest market conditions in the past decade…  Growing and accelerating electricity demand across Enlight’s markets, primarily driven by the demand surge from AI data centers  Rising electricity prices  Attractive equipment costs – panels and storage  Advantage for large players, alongside M&A and consolidation trends  Increasing regulatory clarity in the US and Europe  ...meet Enlight in the strongest position in the Company’s history  Enlight is well-positioned to capitalize on market demand and opportunities in the energy sector 
 

 


 Appendix 
 

 Graph, scale  Generation, MW  Storage, MWh  Portfolio definitions  Operational, under construction and pre-construction (expected to start construction within 12 months)  Mature Component   Projects which are expected to begin construction within 13 to 24 months of the Approval Date  Advanced  Phase  The rest of the projects in development process  Development Phase  Note: Portfolio information as of August 3ed , 2026 (“the Approval Date”); Projects that are not consolidated in our financial statements are reflected at their proportional share   Advanced  Phase  Under Construction  Operational  Pre-Construction  Mature Phase   Projects  Development Phase  Total   Portfolio  0-12 months  until start of construction   13-24 months   until start of construction  Portfolio snapshot – 43.1 FGW within total portfolio  2,927  6,437  912  10,393   2,598  41,067  13,038  74,589  20,484  6,557  11,311  4,049  21,796  3,534  +  +  +  +  +  +  +  43.1  FGW  12.3  FGW 
 

 Project Atrisco (1,200 MWh), New Mexico, U.S.  Mature portfolio1 storage capacity growth of 7.5x in 3.5 years   representing ~50% of the Mature portfolio expected revenues  2Q26  Additions:  Q2 2026  Adv. dev.  Q2 2026 Dev.  Q2 2026 Total storage capacity portfolio  41.1  13.0  74.6  86%  CAGR   ~$1,100m  annual rev. & income2 run rate  1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits.  28  Battery storage portfolio (GWh)  Energy storage portfolio grew by 5.6 GWh   during the quarter  +27   MWh  +1,444 MWh  +848   MWh  +194   MWh 
 

 Advantages of “Connect & Expand”  Shortening time to COD  utilizing existing infrastructure saves construction costs  utilizing existing interconnect reduces development risks  Adding energy storage to existing projects  EU+MENA  1.1 GW + 6.9 GWh  3.1 FGW  USA  0.2 GW + 1.6 GWh  0.7 FGW  Rapid growth with high returns  3.8 FGW of expansions at existing projects planned for construction in 2025-2027  Strategy focus: Identifying and acquiring significant grid interconnections, leveraging them to build additional projects on the same site, while maximizing returns  “Connect & Expand” strategy maximizes interconnection potential and returns 
 

 CO Bar Complex – a five-phase flagship project  Financing agreement   Coconino Arizona  1Net construction costs assume receipt of certain ITC and PTC credits under the IRA: 40% for CO Bar 1-3 (including a 10% Energy Community bonus), and 50% for CO Bar 4 & 5 (including 20% bonuses for Energy Community (10%) and Domestic Content (10%)), ; 2Enlight’s classification of projects in its pipeline is based on internal parameters. In practice, Phases 1-3 have advanced to construction with workforce mobilization (“Full Mobilization”). Phases 4 & 5 have commenced certain construction activities, with full mobilization expected in 2H  Debt financing of approximately $2.6bn from a consortium of seven leading international financial institutions.  Total investment in the complex: $2.90-3.04 bn, with an expected approximately $1.7bn in long-term debt and $1.5bn in tax benefits upon COD.  CO Bar 1-3 are in full mobilization. CO Bar 4-5 are expected to fully mobilize during 2H  CO Bar 2  CO Bar 3  CO Bar BESS 1,4,5  CO Bar 1  CO Bar Complex  Coconino, Arizona, USA  Location  1,211 MW + 4,000 MWh  Capacity   H2 2027 - H1 2028  COD date  20 years, BUSBAR PPA  with SRP & APS  PPA duration and counterparty   $1,445-1519m /   $248-261m / $199-210m  Net Capex1 /   First year revenues / EBITDA  ~13.6-14.0%  Unlevered return1  CO Bar – Enlight’s largest financial close to date 
 

 AI applications as the main growth driver – 3.5X by 2030  Global growth in data center1  Global data center capacity growth  GW  1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection); 2McKinsey & Company  Rising U.S. data center power demand2  The U.S. data center’s electricity consumption is expected to triple, reaching approximately 12% of total electricity used by 2030.  Data centers represent up to 40% of the total increase in U.S. electricity demand by 2030  US data center energy consumption  TWh  Share of total U.S. power demand  3.7%  11.7%  Growing data center capacity drives demand for electricity 
 

 1Ember, IEA; 2 U.S. Energy Information Administration, S&P Global  Electricity’s share of total energy consumption is steadily increasing  Soaring global demand for power1  The rate of growth of electricity demand has risen in recent years.   Electricity’s share of total energy consumption is expected to rise from 21% today to 27% by 2030 in a conservative scenario, and to exceed 30% in net-zero emissions scenarios  TWh  Net zero emissions scenario  2000  2010  2020  2030E  2005  2015  2025E  3.1%  CAGR   Increasing demand for electricity in the U.S.2  Among the factors driving growth: increased industrial activity in the U.S.; surge in data center buildout; the growing use of advanced AI models.   Data centers and AI drive the growth in electricity generation  U.S. Electricity Generation  TWh  Increased use of home electrical appliances  Improved energy efficiency  Demand from electrification, onshoring of industry, data centers & AI  E  E  Demand for electricity is rising globally 
 

 Source: Bloomberg. BloombergNEF - Energy Storage System Cost Survey 2025. Global benchmark – Low scenario. Pricing based on usable capacity. Historical prices have been adjusted using June to June inflation rates based on the US Consumer Price Index (CPI). Prices converted using exchange rates at the end of October each year.  Unprecedented declines in equipment input costs  Forecast for global energy storage equipment prices  $ per kilowatt-hour, (real 2025)  Major historic declines in the solar panel and battery costs 
 

 Renewable energy is the most cost-competitive form of new-build generation  1LCOE Data   Lazard’s Levelized Cost of Energy Analysis (Version 19.0). Figures represent unsubsidized midpoint values ($/MWh). Solar PV + Storage reflects utility-scale PV paired with a 4-hour battery storage system. Excludes regional transmission and interconnection costs2LevelTen Energy PPA Index  PPA pricing in the U.S.2  A shortage of projects leads to rising prices  LCOE - Levelized Cost of Energy1  Attractive renewables production costs in the U.S.  $ / MWh   Solar energy and storage offer the cheapest solution  Solar   +98%1Q21 – 2Q26  Solar PV (Utility)  Solar PV + Storage  Wind Onshore  Gas Combined Cycle  Coal  Wind Offshore  Gas Peaking  U.S. Nuclear 
 

 Reconciliation between Net income to Adjusted EBITDA  * Net profit from deconsolidation and revaluation following the partial sale of an asset (Sunlight cluster).  ** Contribution to Adjusted EBITDA from the sale of an additional stake in the deconsolidated asset (Sunlight cluster). For more information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “Non-IFRS financial measures” section of this press release.  ($ thousands)  For the six months ended  For the three months ended     June 30, 2026  June 30, 2025  June 30, 2026     June 30, 2025  Net income (loss)  68,985     107,372  31,177     5,569  Depreciation and amortization  98,106     71,017  47,384     37,228  Share based compensation  10,042     2,994  4,941     1,284  Finance income   (20,260)     (8,166)  (11,264)     (1,471)  Finance expenses  104,554     82,286  60,371     52,083  Gains from projects disposals (*)  28,905 (**)     (55,336) (*)  17,003 (**)     (363) (*)  Share of losses of equity accounted investees  1,421     1,645  428     418  Taxes on income  22,498     25,606  10,220     955  Adjusted EBITDA  314,251     227,418  160,260     95,703