The following is an excerpt from the full press release. For the full release, including disclosures, visit https://enlightenergy.co.il/data/financial-reports/

TEL AVIV, ISRAEL, February 17, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter of 2025 ending December 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

Financial Highlights  

12 months ending December 31, 2025

• Revenues and income of $582m, up 46% year over year
• Net income of $161m, up 142% year over year
• Adjusted EBITDA¹ of $438m, up 51% year over year
• Cash flow from Operating activities² of $283m, up 11% year over year  

3 months ending December 31, 2025

• Revenues and income of $152m, up 46% year over year
• Net income of $21m, up 153% year over year
• Adjusted EBITDA of $99m, up 51% year over year
• Cash flow from Operating activities of $75m, up 38% year over year

2026 guidance

Financial guidance

• Total revenues and income³ are expected to range between $755m and $785m, a 32% increase (at the midpoint) from 2025. Adjusted EBITDA is expected to range between $545m and $565m, a 27% increase (at the midpoint) from 2025.  

Key assumptions underlying the forecast:

• Approximately 90% of the electricity volumes expected to be generated in 2026 will be sold at fixed prices through PPAs or hedges.
• Exchange rates are based on 2026 forward curves.
• Of the projected revenues and income, 39% are expected to be denominated in USD, 34% in ILS, and 27% in EUR.

Construction and commissioning

• Expected commissioning of 1.1 FGW⁴, added to the current operational component of the portfolio (3.9 FGW), representing approximately $137m of annualized revenues and income and $107m of annualized adjusted EBITDA.
• In addition, the company estimates that during 2026 it will begin construction of projects totaling 3 to 4 FGW, leading to a total capacity under construction of 6.5 to 7.5 FGW.
• The operating and under construction components of the portfolio are expected to total 10.4 to 11.4 FGW by the end of 2026, representing annualized revenues (year-end 2028) of $1.8 to $2 billion in full operation.

Adi Leviatan, CEO of Enlight Renewable Energy: “Enlight concludes 2025 with strong results and clear execution momentum. This year, we once again demonstrated our strength in developing and advancing a broad and diversified project portfolio from the development stages, through construction, grid connection and operations. As we enter 2026, the company expects another year of meaningful growth and strong execution momentum, with an accelerated pace of construction and commissioning, alongside the development of new growth engines. As electricity demand surges and is expected to continue rising, renewable energy is the most cost effective and fastest solution to meet this demand. Under these market conditions, Enlight is well positioned to continue to lead, with a proven global strategy and robust execution capabilities.”

For the full release, including disclosures, visit https://enlightenergy.co.il/data/financial-reports/

¹Adjusted EBITDA is a non-IFRS measure. Please refer to the reconciliation table in Appendix 2. 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.  

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

³Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.

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.