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 (File No. 333-271297).

The following exhibit is furnished as part of this Form 6-K:

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Exhibit 99.1

Press Release

ENLIGHT RENEWABLE ENERGY REPORTS

 

FIRST QUARTER 2025 FINANCIAL RESULTS

 

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

 

TEL AVIV, ISRAEL, May 6, 2025 – 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

 

 

 

 

 

 

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

 

 

 

“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.”

 

Portfolio Review

 

 

 

 

The full composition of the portfolio appears in the following table:

 

 

 

 

 

                                                  

 

 

 

 

 

 

 

The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGW and the annualized revenue and income run rate to $1.4bn.

 

 

 

 

 

 

 

 

 

 

 

 

Mature Portfolio Components Expected to Generate Annualized Revenues and

Income of ~$1.4bn^4,5

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

2025 Guidance

 

Construction and commissioning

 

 

 

                                                         

 

Financial guidance

 

 

 

 

Financial Results Analysis

 

 

Revenues & Income

 

In the first quarter of 2025, the Company’s total revenues and income increased to $130m, up from $94m last year, a growth rate of 39% year over year. This was composed of revenues from the sale of electricity, which rose 21% to $110m compared to $90m in the same period of 2024, as well as recognition of $20m in income from tax benefits, up 516% compared to $3m in 1Q24.

 

The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster, with $11m, while Pupin contributed $6m. In total, new projects contributed $30m to revenues from the sale of electricity.

 

Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. In addition, generation at project Bjornbeget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a complete shutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of $4m from Bjornberget’s operating contractor in lieu of the lost revenues, which is recorded in other income.

 

Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 39% in Euros, and 27% denominated in US Dollars.

                                                        

 

Net Income

 

In the first quarter of 2025, the Company’s net income amounted to $102m compared to $24m last year, an increase of 316% year over year. This increase stems from the $28m increase in revenues and income and $80m profit from the partial sale of the Sunlight cluster. This was offset by higher total operating expenses of $17m and net financial expenses of $10m (all after tax).

 

 

The Company’s Adjusted EBITDA grew by 84% to $132m in the first quarter of 2025, compared to $72m for the same period in 2024. Of this increase, $36m was driven by the factors described in the Revenues and Income section. The partial sale of the Sunlight cluster contributed $42m, representing the actual consideration received less the book value of the associated assets. Offsetting this growth was an increase of $11m in COGS linked to the addition of new projects, and an increase of $4m in operating expenses. Adjusting for the effects of this transaction, 1Q25 Adjusted EBITDA grew by 25% year-on-year to $90m.

 

Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

 

 

Please pre-register to join by conference call using the following link:

 

 

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

 

 

Please register and join by webcast at the following link:

 

 

Please join the webcast at the following link:

 

 

Non-IFRS Financial Measures

 

This release presents Adjusted EBITDA, a 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 and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. 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 actual consideration less the book value of the assets sold. 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 achievement of operational 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 Revenues and 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; 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 or benefits 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; 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, 2023, 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 10 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

 

Yonah Weisz

Director IR

investors@enlightenergy.co.il

Erica Mannion or Mike Funari

Sapphire Investor Relations, LLC

+1 617 542 6180

investors@enlightenergy.co.il

 

Appendix 1 – Financial information

 

		For the three months ended at March 31
		2025				2024(*)
		USD in				USD in
		Thousands				Thousands
Revenues			109,758				90,397
Tax benefits			20,111				3,264
Total revenues and income			129,869				93,661
Cost of sales (**)			(26,638	)			(15,436	)
Depreciation and amortization			(33,789	)			(25,604	)
General and administrative expenses			(11,846	)			(8,859	)
Development expenses			(2,564	)			(2,418	)
Total operating expenses			(74,837	)			(52,317	)
Gains from projects disposals			97,262				27
Other income (expenses), net			(1,105	)			1,517
Operating profit			151,189				42,888
Finance income			6,695				8,065
Finance expenses			(30,203	)			(19,493	)
Total finance expenses, net			(23,508	)			(11,428	)
Profit before tax and equity loss			127,681				31,460
Share of losses of equity accounted investees			(1,227	)			(144	)
Profit before income taxes			126,454				31,316
Taxes on income			(24,651	)			(6,831	)
Profit for the period			101,803				24,485
Profit for the period attributed to:
Owners of the Company			94,458				16,763
Non-controlling interests			7,345				7,722
			101,803				24,485
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			0.80				0.14
Diluted earnings per share			0.75				0.14
Weighted average of share capital used in the
calculation of earnings:
Basic per share			118,783,541				117,963,310
Diluted per share			125,316,177				122,889,909

 

 

 

 

 

Information related to Segmental Reporting

 

 

 

 

Information related to Segmental Reporting

 

 

 

Appendix 3 –  Debentures Covenants

Debentures Covenants

As of March 31, 2025, 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:

 

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 March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million).

 

 

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 March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.

 

 

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 March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8.

 

 

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 March 31, 2025, the equity to balance sheet ratio, as defined above, stands at 55%.

 

Appendix 4 a) Segment information: Operational projects

 

* EBITDA results included $4m in the 3-month ended March 25, of compensation recognized from Björnberget project

 

** Ownership % is calculated based on the project's share of total revenues

 

($ 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- Adders*****

Discounted Value of Tax Benefit***

Est. Total Project Cost net of tax benefit

Capital Invested as of March 31, 2025

Est. Equity Required (%)

Equity Invested as of March 31, 2025

Est. First Full Year Revenue**

Est. First Full Year EBITDA**&****

Ownership %*

Country Acres	USA	403/688	H2 2026	826-864	ITC	DC (10%)	390-405	436-459	136	10%-11%	91	61-62	45-46	100%
Quail Ranch BESS	USA	0/400	H2 2025	123-150	ITC	EC (10%)	60-72	63-78	85	12%-15%	85	22-23	17-19	100%
Quail Ranch Solar	USA	128/0		141-148	PTC	EC (10%)	69-73	72-75						100%
Roadrunner BESS	USA	0/940	H2 2025	318-341	ITC	EC (10%)	145-155	173-186	151	0%-10%********	61	52-55	41-43	100%
Roadrunner Solar	USA	290/0		284-299	PTC	EC (10%)	167-175	117-124						100%
Gecama Solar	Spain	225/220	H1 2026	195-205	-	-	-	195-205	18	23%-28%	18	38-40	31-33	72%
Bjornberget – BESS	Sweden	0/96	2026	25-27	-	-	-	25-27	0	90%-100%	0	9-10	8	55%
Israel Construction	Israel	26/241	H1 2025-H1 2026	67-69	-	-	-	67-69	37	20%-30%	37	10-11	7-8	95%
Total Consolidated Projects		1,072/ 2,585		1,979-2,103			831-880	1,148-1,223	427		292	192-201	149-157
Unconsolidated Projects at share******	Israel	4/79	H2 2025- H2 2026	19-20	-	-	-	-	6	15%-25%	6	3-4	2	65%
Total		1,076/ 2,664		1,998-2,123			831-880	1,148-1,223	433		298	195-205	151-158

 

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 March 31, 2025	Est. Equity Required (%)	Equity Invested as of March 31, 2025	Est. First Full Year Revenue**	Est. First Full Year EBITDA**&****	Ownership %*
					Qualifying Category	Adders*****	Discounted Value of Tax Benefit***
CoBar ITC	United States	258/824	H2 2027	606-660	ITC	EC (10%)	267-290	339-370	40	12%-15%	40	125-128	96-101	100%
CoBar PTC	United States	953/0		1,090-1,124	PTC	EC (10%)	558-565	532-559
Snowflake A	United States	600/1,900	2027	1,475-1,615	ITC	EC (10%)	575-636	900-979	10	10%	10	122-128	97-103	100%
Nardo Storage	Italy	0/920	H2 2027	146-154	-	-	-	146-154	3	18%-22%	3	32-34	27-29	100%

* 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

 

** Estimates of the impact of U.S. tariffs on construction costs for U.S. projects currently under construction are based on the following assumptions: tariffs on Chinese imports ranging  0-70% , and 10% on imports from all other countries; the willingness of suppliers to take on a portion of the increase in costs, based in part on current negotiations with them; an increase in the expected revenues and EBITDA of selected projects, based on current negotiations with relevant utilities. These estimates and assumptions involve risks and uncertainties and reflect management’s current expectations based on available information. We cannot guarantee that actual results achieved will reflect these estimates and assumptions.

 

***Tax benefits under the IRA. PTC is assumed, based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD.  For the ITC, a step-up adjustment was made to reflect the eligible higher tax credit rates, enhancing the valuation and return of the project by considering the increased project value.**** 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.*****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

 

****** All numbers, beside equity invested, reflects Enlight share only *******Including Rustic hills 1+2, Coggon, Gemstone and Crimson orchard******** The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD

 

Appendix 5 – cash and cash equivalents

 

 

Appendix 6 – Corporate level (TopCo) debt

 

* Including current maturities of debentures in the amount of 23,049

 

 

Appendix 7 – 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:

 

Appendix 8 – Structural changes to the Consolidated Statements of Income:

 

The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). In addition, the Company has decided to remove the Gross Profit line item.

 

The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

 

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