We use cookies to improve your experience, analyze site usage, and show relevant ads. Go to our Privacy Policy for details.
The call conveyed a predominantly positive operational and financial momentum: strong organic revenue (54% YoY) and adjusted EBITDA growth, meaningful U.S. scaling (U.S. now 37% of revenues), significant portfolio expansion (>41 factored GW) and solid liquidity/capital raises. Management reaffirmed full-year 2026 guidance and a credible path to >$2.1 billion ARR by end-2028. Offsetting items included lower reported net income versus a prior year distorted by one-time asset sales, higher depreciation/financial costs from new projects, modest project timing shifts (pushing some 2027 activity into early 2028), and interconnection/safe-harbor constraints that limit near-term conversion of system-impact-study completions. Overall, the positive execution, pipeline expansion, financing strength and guidance reaffirmation materially outweigh the timing and comparability headwinds.
Enlight reaffirmed full‑year 2026 guidance of $755–$785 million in revenues and income and $545–$565 million of adjusted EBITDA, and expects roughly 7 factored gigawatts to be under construction in 2026 with over 90% of its mature portfolio operating or under construction by year‑end. Management reiterated a clear path to a >$2.1 billion annual revenue run‑rate by the end of 2028 (cited range $2.1–$2.3B), supported by a total portfolio of >41 factored GW (up 8% sequentially), about 20 factored GW in the U.S. that have passed system impact studies, and a plan to safe‑harbor 15–17 factored GW by 2030 (with optional 2–4 GW available to safe‑harbor by end‑June). Q1 results that underpin the guidance included $200M of revenues (up 54% YoY) and $154M of adjusted EBITDA (up ~58% YoY excluding the Sunlight sell‑down), and management highlighted balance‑sheet capacity after raising ~$740M, $709M of TopCo cash, a $525M credit facility ($360M available) and ~$1.6B of LC/surety capacity (≈$1.0B available).
Total revenues and income increased 54% year-over-year to $200 million in Q1 2026 (from $130 million in Q1 2025), driven by new U.S. projects, strong wind generation in Israel and Europe, increased electricity trading activity, and favorable FX movements.
Adjusted EBITDA reached $154 million in Q1 2026. Management reported a 58% year-over-year increase excluding the impact of the Sunlight cluster sell-down; the CFO also noted an adjusted-EBITDA increase to $154 million (compared to $132 million prior year) under an alternate adjustment basis.
U.S. became the largest geographic segment, contributing 37% of total revenues following ramp-up of Roadrunner and Quail Ranch. The U.S. portfolio that has passed system impact studies grew by ~2 factored GW to a total of 20 factored GW.
Total portfolio expanded to over 41 factored GW, a sequential increase of 8%. The company advanced ~0.5 factored GW into construction in Q1 and expects ~7 factored GW to be under construction during 2026, with over 90% of the mature portfolio operating or under construction by year-end.
U.S. portfolio expanded by 2.6 factored GW sequentially ( >10% sequential growth). More than 60% of the advanced development and development portfolio completed system impact studies; management expects to safe-harbor 15–17 factored GW by mid/late 2026 (optionality to safe-harbor an incremental 2–4 GW).
Significant U.S. construction activity: Clēnera constructing 6 projects totaling 3.4 factored GW; CO Bar complex (three phases) combined ~1.5 factored GW with initial CODs on track for H2 2027 and subsequent CODs in H1 2028. Country Acres remains on schedule for COD by year-end 2026; Snowflake A on track for H2 2027.
Raised approximately $740 million in Q1 (including $422 million private placement and $304 million project financing). Topco cash and cash equivalents increased to $709 million, plus $270 million at subsidiaries; company has a $525 million credit facility ($360 million available) and ~ $1.6 billion in LC/surety bond facilities (including $1 billion available).
Reaffirmed full-year 2026 guidance: revenues and income $755–$785 million and adjusted EBITDA $545–$565 million. Company reiterated its path to a >$2.1 billion annual revenue run rate by end of 2028 backed by projects in hand and a mature portfolio moving to operation or construction.
European storage portfolio of 14 GWh with 4.9 GWh in the mature portfolio; management highlighted structural storage demand (Wood Mackenzie estimate: 1.4 TW storage need by 2034) and active market expansion efforts (financing/negotiations in Finland, Romania).
Rapid scaling in agrivoltaics with dozens of land agreements signed over the past year representing ~3 factored GW of future solar capacity; advancing >2 factored GW of high-voltage storage projects in Israel and positioning to capture rising domestic storage-per-capita opportunity.
Thank you for standing by, and welcome to Enlight Renewable Energy's First Quarter 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the call over to Limor Zohar Megen, Director of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining Enlight Renewable Energy's First Quarter 2026 Earnings Conference Call. Before beginning this call, I would like to draw participants' attention to the following. Certain statements made on the call today, including, but not limited to, statements regarding business strategy and plans, our project portfolio, 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, expected impact from various regulatory developments, completion of development, the potential impact of the current conflict in Israel on our operations and financial condition and company actions designed to mitigate such impact and the company's future financial and operational results, and guidance, including revenue and adjusted EBITDA are forward-looking statements within the meaning of U.S. federal securities laws, which reflect management's best judgment based on currently available information. We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings ...