Earnings Analysis November 3, 2026

Enlight Renewable Energy Ltd ($ENLT) Q3 2026 Earnings Analysis: Guidance Raised, Stock Down 0.78%

Earnings Report

Revenue: $231 million (+40% YoY)

EPS (Earnings Per Share): GAAP basic EPS of $0.21 (vs. $0.18 YoY); the expected $0.41 is an adjusted figure and cannot be directly compared

Guidance: Upward revision. 2026 revenue and income of $810 million–$830 million, adjusted EBITDA of $575 million–$590 million (previously $790 million–$820 million, $565 million–$585 million)

Stock Reaction: -0.78% in regular session ($65.97, as of 00:16 on 11-04 KST)

Highlights

40% Revenue Growth: Q3 revenue and income of $231 million, compared to $165 million in the same period last year

38% Increase in Adjusted EBITDA: Reached $154 million, surpassing $112 million in the same period last year

Upward Revision of Annual Guidance: Revenue and income of $810 million–$830 million, adjusted EBITDA of $575 million–$590 million

Revenue growth was driven by new projects, foreign exchange effects, and electricity trading in Israel. Cumulative revenue and income for January–September increased by 49% to $641 million, and operating cash flow also recorded $289 million. The company has expanded its total portfolio to 46.2 FGW.

Lowlights

4% Increase in Net Income: Total net income of $33.5 million, attributable to common shares of $29.4 million

Electricity Contract Termination Costs: $20 million pre-tax due to the termination of 439 FMW contracts in Rustic Hills and Gemstone, USA

27% Decrease in Jan–Sep Net Income: Total of $103 million, compared to $140 million in the same period last year

Excluding one-time items, Q3 net income increased by 76%. However, financial expenses increased by $20 million compared to a year ago, weighing on profits. Excluding one-time items such as the profit from the sale of a 44% stake in Sunlight last year (approximately $81 million), cumulative net income for January–September increased by approximately 122%.

Management Commentary

CEO Adi Leviatan stated that the 2026 guidance was raised based on cumulative operating performance from January to September, electricity trading activities in Israel, and rising electricity prices in Europe. The company completed a record-breaking $2.6 billion Koba financing and projected annual revenue and income to reach $2.2 billion–$2.3 billion by 2028.

Market Reaction and Future Key Points

While revenue and adjusted EBITDA increased by 40% and 38% respectively, net income grew by only 4%. This quarter reflects a $20 million one-time contract termination cost.

It remains to be confirmed whether the five stages of the Koba complex will begin sequential operations starting from Q4 2027 as scheduled.

A key factor is whether tax benefit income in the U.S. will increase from $45 million in Q3 in the following quarter.

As financial expenses increased by $20 million compared to a year ago, the trend of interest burden will determine next quarter's net income.

Earnings Call Summary

Once the company script is released following the earnings call, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained performance and outlook, and what analysts asked.