Enlight Renewable Energy (ENLT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered 54% year-over-year growth in revenue and income, with adjusted EBITDA up 58% (excluding Sunlight cluster sale), driven by strong U.S. project output, wind conditions in Israel and Europe, and robust global execution.

• The U.S. became the largest segment, supported by new projects and portfolio expansion, while Europe and Israel saw advances in storage, agrivoltaics, and high-voltage projects.

• The project portfolio expanded to 41.2 FGW, with 3.2 FGW sequential growth and over 0.5 GW advanced into construction.

• Completed $740 million in fundraising and financial closings, enhancing capital resources.

• Cash flow from operating activities increased 58% to $100 million.

Financial highlights

• Q1 2026 revenues and income rose 54% year-over-year to $200 million; adjusted EBITDA reached $154 million, up 58% year-over-year (excluding Sunlight cluster impacts).

• Net income was $38 million, up 76% year-over-year excluding one-time gains; EPS (basic) was $0.18.

• Electricity sales contributed $157 million, with $43 million from tax benefits; U.S. segment revenue grew 111% year-over-year.

• Raised $740 million in Q1, including $422 million from private placement and $304 million in project finance; cash and equivalents at topco level reached $709 million.

• Net financial debt to EBITDA ratio at 5.3; equity to balance sheet ratio at 63%; all debt covenants met.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenues and income of $755–$785 million and adjusted EBITDA of $545–$565 million.

• Clear path to over $2.1 billion annual revenue run rate by end of 2028, with mature portfolio accounting for over 90% of the plan.

• By 2028, operating capacity expected to reach 12–13 FGW and annual revenues $2.1–$2.3 billion.

• Approximately 7 GW expected under construction in 2026, with more than 90% of the mature portfolio operating or under construction by year-end.

• Business plan targets 3X growth in three years.