Key Highlights

  • Total revenues and income were USD 231 million, up 40%; adjusted EBITDA rose 38% to USD 154 million.
  • Third-quarter Net Income was USD 34 million versus USD 32 million; adjusted EBITDA was USD 112 million a year earlier.
  • Nine-month adjusted EBITDA rose 38% to USD 469 million; Operating Cash Flow rose 39% year over year.
  • Raised 2026 guidance: Revenue of USD 810 million to 830 million, adjusted EBITDA of USD 575 million to 590 million.

Revenues and Adjusted EBITDA

Enlight Renewable Energy Ltd. (NASDAQ:ENLT), a developer, owner and operator of renewable energy and storage projects, held its third quarter 2026 earnings call. The Chief Financial Officer reported total revenues and income of USD 231 million, up 40% from USD 165 million in the third quarter of 2025. Newly operational projects contributed USD 21 million in electricity sales and USD 70 million in tax benefits, and favorable Exchange Rate movement contributed USD 9 million.

Revenues from electricity trading activity in Israel contributed USD 34 million, an increase of USD 7 million compared with 2025, excluding the exchange rate impact. Adjusted EBITDA increased 38% to USD 154 million from USD 112 million. The USD 66 million increase in revenue and income was partially offset by a USD 22 million increase in cost of sales, mainly related to electricity trading in Israel and newly operational projects.

Net Income and Nine-Month Results

Third-quarter net income was USD 34 million versus USD 32 million in the third quarter of 2025. The USD 42 million increase in adjusted EBITDA was largely offset by a USD 9 million increase in Depreciation and amortization, a USD 3 million increase in share-based compensation, a USD 10 million net increase in other expenses and a USD 20 million increase in net financial expenses.

Pretax items included a USD 20 million PPA termination fee on the Gemstone solar project, partly offset by USD 12 million in compensation and an advance payment refund from a supplier, and USD 13 million in financial income from the Gecama refinancing recorded in the third quarter of 2025. Excluding one-time items, net income increased 76%.

For the first nine months of 2026, revenues and income increased 49%, adjusted EBITDA rose by USD 130 million, or 38%, to USD 469 million, and operating cash flow rose 39% to USD 289 million.

Guidance, Liquidity and Portfolio

The company raised and narrowed its full-year 2026 guidance. Revenue guidance is USD 810 million to USD 830 million, up from USD 790 million to USD 820 million, and adjusted EBITDA guidance is USD 575 million to USD 590 million, up from USD 565 million to USD 585 million.

Of the USD 5.6 billion of outstanding long-term debt, 80% is non-recourse project finance. Cash and cash equivalents at the top-core level were USD 420 million, with an additional USD 360 million held by subsidiaries. The company repaid its CSF bond in the quarter. Capital Expenditure for the first nine months of 2026 was USD 2.1 billion, and the company has a USD 520 million Credit facility.

The mature portfolio reached 12.7 factored gigawatts with an expected annual revenue rate of USD 2.4 billion, while the development and advanced development portfolios grew 9% to 33.5 factored gigawatts, according to Chief Executive Officer Adi Leviatan.

Items to Follow

Investors can follow projects under construction, the Blackwater project in PJM, which received local permitting approval, and the expansion of the energy storage pipeline, which the company said doubled the annual revenue run rate of its mature European portfolio over the past year.

The head of Clenera reported continued construction across eight projects and the addition of more than 2 factored gigawatts to advanced development and development.