Enlight Renewable Energy Reports Third Quarter 2026 Financial Results

(NASDAQ:ENLT) Enlight Renewable Energy reported financial results for the quarter ended September 30, 2026. For the three months ended September 30, 2026, total revenues and income were $231 million, an increase of 40% compared to the same period last year. Net income for the quarter was $34 million, compared to $32 million in the same period last year, and excluding one-time items, net income increased by 76%. Adjusted EBITDA for the quarter was $154 million, up from $112 million last year, a 38% increase. Cash flow from operating activities for the quarter was about $104 million, an increase of 26%. For the nine months ended September 30, 2026, total revenues and income were $641 million, up 49% from the same period last year. Net income for the nine months was $103 million, compared to $140 million last year; excluding an $81 million gain from the sale of 44% of the Sunlight portfolio and other one-time items, net income increased by approximately 122%. Adjusted EBITDA for the nine months was $468 million, compared to $339 million last year, a 38% increase. Excluding a $42 million gain from the sale of 44% of the Sunlight portfolio in the first half of 2025 and a $30 million gain from subsequent sales of 26% of the Sunlight portfolio in the first half of 2026, Adjusted EBITDA for the first nine months of 2026 increased by 48%. Operating cash flow for the nine months was $289 million, up 39%. The company raised its 2026 guidance, with revenues and income now expected to range between $810 million and $830 million, up from previous guidance of $790 million to $820 million. Adjusted EBITDA guidance was increased to $575 to $590 million, up from $565 to $585 million. As of the earnings release date, Enlight’s total portfolio comprised 23.1 GW of generation capacity and 80.9 GWh of energy storage capacity, totaling 46.2 FGW, a 7.1% increase from the previous quarter. The mature portfolio component (operating, under-construction, and pre-construction projects) comprises 6.4 GW of generation and 21.7 GWh of storage, totaling 12.7 FGW. Approximately 52% of mature portfolio capacity is in the United States, 33% in Europe, and 15% in MENA. The company expanded its European storage portfolio by 6.6 GWh and entered Germany, Poland, Romania, and Finland. This expansion is expected to add approximately $300 million to annual revenue run rate and bring expected revenues from the mature European portfolio to approximately $630 million per year. The advanced-development and development portfolio comprises 16.6 GW of generation and 59.1 GWh of storage, totaling 33.5 FGW. The operating component of the portfolio is 4.0 FGW, generating annualized revenues and income run rate of approximately $810 to $820 million. During the quarter, two projects commenced operations: the Sestanovac project in Croatia (23 FMW generation, 75 MWh storage) and the Qunaitra project in Israel (15 FMW, primarily storage), with a combined annual revenue run rate of approximately $8 million. The under-construction component is 5.6 FGW, expected to contribute approximately $1,050 million to annual revenues and income in its first full year of operation, compared with $840 million in the previous quarter. Construction commenced on phases 4 and 5 of the CO-Bar project in Arizona (3,176 MWh storage, 907 FMW), and all five phases of the 2.4 FGW CO-Bar project are now under construction. Construction also began on the Ohad high-voltage energy storage project (193 FMW) and Nahal Oz project (56 FMW) in Israel. The pre-construction component is 3.1 FGW, expected to contribute approximately $500 million to annual recurring revenues and income in its first full year of operation. Two additional energy storage projects in Finland (858 MWh, 245 FMW) were acquired, with commercial operation expected in the first half of 2028 and unlevered returns of 19%-21%. The advanced development component is 8.6 FGW, with significant progress on the Blackwater project in Virginia (600 MW solar, potential 2,000 MWh storage, 1.2 FGW total), which obtained a key county permit and a 500 MW grid interconnection. Approximately 5 FGW of U.S. advanced development capacity met Safe Harbor requirements, securing eligibility for tax benefits. The development component is 24.9 FGW, including 18.4 FGW in the U.S., 3.7 FGW in MENA, and 2.8 FGW in Europe. As of the quarterly results, 8.8 FGW (48% of U.S. capacity in this component) had completed a System Impact Study and has a high probability of securing grid interconnection. Approximately 6.4 FGW of U.S. capacity met Safe Harbor requirements.