Enlight Renewable Energy Q2 Earnings Call Highlights

Strong second-quarter performance: Revenue and income rose 55% year over year to $210 million, adjusted EBITDA increased 67% to $160 million, and net income climbed to $31 million. Enlight raised its 2026 revenue and income guidance to $790 million–$820 million and adjusted EBITDA guidance to $565 million–$585 million.

Major U.S. expansion: The company completed $2.6 billion in financing for Arizona’s CO Bar Complex, planned to include 1,211 MW of solar generation and 4,000 MWh of storage, and signed its first U.S. commercial power-purchase agreement with Google for 200 MW from its Oklahoma Solstice project.

Storage pipeline and long-term growth: Enlight expanded into Romanian and Finnish battery storage, began construction on Germany’s 880-MWh Bertikow project, and expects more than 7 GW under construction by year-end 2026. Its 2028 roadmap targets approximately 12 GW of operating capacity and more than $2.2 billion in annual recurring revenue and income.

Enlight Renewable Energy NASDAQ: ENLT reported higher second-quarter results and raised its full-year outlook, citing contributions from newly operating projects, favorable foreign exchange rates, electricity trading in Israel and elevated power prices in Europe. Revenue and income rose 55% year over year to $210 million in the second quarter, while adjusted EBITDA increased 67% to $160 million. Net income reached $31 million, compared with $6 million a year earlier, and operating cash flow increased 34% to $84 million.

Guidance Raised After Strong First Half Enlight raised its 2026 revenue and income guidance to $790 million to $820 million, from a previous range of $755 million to $785 million. It increased adjusted EBITDA guidance to $565 million to $585 million, from $545 million to $565 million. At the midpoint, the updated outlook represents $805 million of revenue and income and $575 million of adjusted EBITDA. Management attributed the increase to first-half performance, higher projected revenue from electricity trading in Israel, and elevated electricity prices in Europe and Israel. For the first half, revenue and income increased 55%, according to Chief Financial Officer Nir Yehuda. Excluding the contribution from a sale of interests in the Sunlight Cluster, first-half adjusted EBITDA rose approximately $99 million, or 53%, to $314 million. First-half operating cash flow increased 48% to $185 million. Yehuda said the company’s operating cash flow, excluding working-capital fluctuations, was running at approximately $100 million per quarter. Second-quarter adjusted EBITDA included a $17 million contribution from a follow-on sale of an additional 15% interest in the Sunlight Cluster. During the question-and-answer session, Chief Corporate Development Officer Itay Banayan said Enlight does not expect additional sell-downs during the second half of 2026. He said the company’s growing electricity-trading activity in Israel contributes to revenue growth but carries a lower EBITDA margin, while the Sunlight transactions also contributed to first-half results.

Portfolio Expands and U.S. Financing Advances Enlight said its total portfolio increased 4.6% sequentially to 43.1 factored gigawatts, while its mature portfolio of operating, under-construction and pre-construction projects rose 6% to 12.3 factored gigawatts. The company completed financial