All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, May 06, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 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

3 months ending March 31, 2025

• Revenues and income of $130m, up 39% year over year
• Adjusted EBITDA¹ of $132m, up 84% year over year
• Net income of $102m, up 316% year over year
• Cash flow from operations of $44m, up 24% year over year
• In January 2025, the Company announced the sale of 44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of $52m at a valuation of $119m, and deconsolidated the cluster from its balance sheet. The transaction added $42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and $80m to net profit in the 1Q25 results.

‍¹ 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. Please refer to the reconciliation table in Appendix 2, found in the full release.

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Impact of U.S. Tariffs on the Company’s Operations

Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partners allow for a significant distribution of the impact of tariffs.

Costs

• Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure
• 80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing

Revenues

• Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs

“Enlight showed strong financial results for 1Q25, including 84% growth in Adjusted EBITDA and a 316% rise in net profit,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from cost increases. As a result, our U.S. projects now under construction, with total capex of $1.7bn, have no solar panel exposure under the current tariff policy. Selecting Tesla as our primary storage supplier further strengthens this position – its substantial levels of U.S. manufacturing offer greater tariff protection than other battery suppliers.

“Securing $1.8bn in financing over recent months marks a significant milestone, and was achieved through three financial closings, a sale of a stake in the Sunlight cluster to institutional investors, and a successful bond issuance. This funding will enable the launch of our aggressive plan to begin construction on 4.7 FGW of capacity in 2025. Combined with our existing operating portfolio, these projects represent 90% of the capacity required to reach an annual revenue and income run rate of $1.4bn by 2027.”

For the full release and additional financial details, visit https://enlightenergy.co.il/news-api/enlight-renewable-energy-reports-first-quarter-2025-financial-results/