Enlight Renewable Energy Q1 Earnings Call Highlights

Key Points

• Q1 results were strong: revenue rose 54% year‑over‑year to $200 million and adjusted EBITDA reached $154 million (a 58% increase on an apples‑to‑apples basis excluding Sunlight cluster sale impacts).
• U.S. growth and pipeline acceleration: the U.S. became the largest segment (37% of revenue) after Roadrunner and Quail Ranch ramped up, Clēnera is building 3.4 factored GW with a ~2 FG annual delivery pace, and Enlight now has ~20 factored GW that passed system impact studies while targeting 15–17 factored GW to be safe‑harbored in 2026, although some 2027 CODs were modestly delayed due to a battery‑supplier change.
• Capital position and guidance reaffirmed: the company raised about $740 million in the quarter, held $709 million of cash at parent level, reaffirmed 2026 guidance of $755–785 million revenue and $545–565 million adjusted EBITDA, and reiterated a >$2.1 billion revenue run‑rate target by end‑2028.

Enlight Renewable Energy NASDAQ: ENLT reported first-quarter 2026 results that company leaders characterized as a “very strong start” to the year, citing significant year-over-year growth in revenue and adjusted EBITDA as new U.S. projects ramped up and wind conditions supported results in other geographies.

First-quarter financial results

Adi Leviatan, CEO of Enlight Renewable Energy, said revenue and income increased 54% year-over-year to $200 million in the first quarter, while adjusted EBITDA reached $154 million, reflecting 58% year-over-year growth “excluding the impacts of the sell down of the Sunlight cluster.” Leviatan said the increase was driven by “new projects entering operation in the U.S., alongside strong wind conditions in Israel and Europe, increased electricity trading activity in Israel and supported foreign exchanges.”

CFO Nir Yehuda provided additional detail, saying the $200 million total included $157 million in revenue from the sale of electricity and $43 million recognized as income from a tax benefit. Yehuda said revenue from the sale of electricity rose by $47 million versus the first quarter of 2025, attributing the improvement to new operating projects and other factors, including increased wind generation, higher electricity trading activity in Israel, and currency tailwinds from the appreciation of the Israeli shekel and the euro versus the U.S. dollar.

Adjusted EBITDA rose 70% year-over-year to $154 million, according to Yehuda. He noted that results included a $12 million contribution in the quarter from the follow-on sale of 11% of the Sunlight cluster, and he provided an apples-to-apples comparison excluding those sale-related contributions. “Excluding the contribution of $42 million from the sale of 44% of the Sunlight cluster in Q1 2025…and follow-on sale of 11% of the cluster in Q1 2026…EBITDA in Q1 2026 grew by 58%,” he said.

Net income for the quarter was $38 million, compared with $102 million in the first quarter of 2025, which Yehuda said included Sunlight cluster sale impacts. He attributed the change primarily to higher depreciation and amortization tied to new projects beginning operations, along with higher financial expenses and other items.

U.S. becomes largest segment as construction progresses

Leviatan said the U.S. became Enlight’s largest geographic segment in the quarter, contributing 37% of total revenues after the ramp-up of Roadrunner and Quail Ranch. “This marks a meaningful milestone in the scaling of our U.S. platform,” he said.

Jared McKee, CEO of Clēnera, highlighted continued development activity and construction execution in the U.S. He said the company submitted interconnection applications within PJM for an additional 2,500 factored megawatts across five projects, calling PJM “a market with exceptional opportunities for new solar and storage.”

McKee said Clēnera was constructing six projects totaling 3.4 factored gigawatts and described that pace as consistent with an ability to “consistently deliver approximately 2 factored GW annually.” He also gave project-specific updates:

• Cobar Complex (northwest Arizona): McKee said ground clearing and other site activities were underway on phase three, while phases one and two were in full construction. He said the first three phases total nearly 1.5 factored gigawatts, with initial commercial operation dates (CODs) on track for the second half of 2027 and subsequent phases in the first half of 2028.
• Cobar phases four and five: McKee said Clēnera secured a domestic source for batteries totaling 3,176 MWh, describing the sourcing strategy as a way to mitigate tariff and supply chain risks.
• Snowflake Complex (northeast Arizona): McKee said Snowflake A includes 594 MW of PV generation and 1,900 MWh of storage, with installation of both PV and battery components near the halfway point and COD targeted for the second half of 2027.
• Country Acres (near Sacramento, California): McKee said the 403 MW PV and 688 MWh storage project remained on schedule for a COD at the end of the year, adding that it is expected to generate enough energy to power “over 85,000 California homes.”
• Crimson Orchard (Elmore County, Idaho): McKee said civil work was progressing, with foundation work beginning for batteries and the switchyard. He also noted the closing of a $304 million construction financing package in March, which he said “clears the path for the project’s successful commercial operation in 2027.”

On supply chain conditions, McKee said global shipping disruptions linked to geopolitical conflicts in the Middle East had resulted in “limited exposure to availability or pricing” so far, though he cautioned ripple effects could emerge. He said the company was continuing to diversify its supplier base, including through U.S. domestic manufacturing.

Portfolio milestones, safe harbor activity, and timing shifts

Leviatan said Enlight increased the amount of its U.S. portfolio that has passed system impact studies by roughly 2 factored gigawatts in the quarter, reaching 20 factored gigawatts. He added that more than 60% of the company’s advanced development and development portfolio had completed system impact studies, and said management expects additional projects to be safe-harbored in 2026, bringing the total to 15 to 17 factored gigawatts, or about 80% of the U.S. advanced development and development portfolio.

During the Q&A, executives discussed expected changes in 2027 timing. In response to an analyst question about reductions in 2027 operating capacity expectations, management said certain CODs shifted slightly into early 2028. The company attributed that change primarily to switching battery energy storage system suppliers for the standalone storage components of Cobar phases four and five, which required re-engineering work. Management also cited “one additional project, Europe project, Berdagove,” that was pushed out by a short amount of time.

On safe harbor, management said it had discretion to safe harbor additional capacity and cited an opportunity to safe harbor “an additional 2 to 4 factor gigawatt” through the end of June, while emphasizing requirements to maintain continuous activity and bring projects to commercial operation before the end of 2030. McKee added that decisions were being made “project by project” to focus spending on projects capable of meeting the 2030 deadline and that, due to interconnection timelines, not all projects that have completed system impact studies would necessarily be safe harbored.

Capital position and guidance reaffirmed

Yehuda said the company raised approximately $740 million during the quarter, “mainly from a private placement of 6 million shares to Israeli institutional investors for $422 million and $304 million from project finance.” He said cash and cash equivalents at the top company level increased to $709 million, with an additional $270 million held by subsidiaries. He also cited a $525 million credit facility with $360 million available and approximately $1.6 billion in LC and surety bond facilities, including $1 billion available.

Leviatan reaffirmed full-year 2026 guidance for revenue and income of $755 million to $785 million and adjusted EBITDA of $545 million to $565 million. He also reiterated the company’s longer-term target of reaching “more than $2.1 billion of annual revenue run rate by the end of 2028,” describing it as anchored in projects already in hand.

About Enlight Renewable Energy NASDAQ: ENLT

Enlight Renewable Energy Ltd. NASDAQ: ENLT is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company's portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.

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