Enlight Renewable Energy Ltd

Second-quarter revenue and income were $210 million, up 55% from $135 million a year ago. Adjusted EBITDA was $160 million, up 67% from $96 million, and net income was $31 million versus $6 million last year. Operating cash flow increased 34% year over year to $84 million. For the first half, adjusted EBITDA excluding the Sunlight sell-down contribution increased by about $99 million, or 53%, to $314 million, net income rose $42 million to $68 million, and operating cash flow increased 48% to $185 million. Full-year 2026 guidance was raised to $790 million-$820 million of revenue and $565 million-$585 million of adjusted EBITDA, up from $755 million-$785 million and $545 million-$565 million. Management also said cash and cash equivalents at the topco level were $877 million, plus $287 million held by subsidiaries, with $418 million available under a $550 million credit facility and about $1.1 billion available under an approximately $1.7 billion LC and surety bonds facility.

Adi Leviatan framed the quarter as evidence of strong execution and portfolio quality, saying the business delivered record financial performance and continued to convert development assets into operating assets. He emphasized that rising electricity demand from AI, data centers, and electrification is strengthening the opportunity set, and said Enlight is positioned with a diversified platform, disciplined capital allocation, and a growing pipeline. He also highlighted the company’s first U.S. hyperscaler PPA, the CO Bar financing, safe harbor progress, and expansion into Finland and Romania as proof points of scale execution.

Nir Yehuda focused on the financial drivers behind the quarter: total revenues and income of $210 million, adjusted EBITDA of $160 million, and net income of $31 million. He broke out the revenue contribution from new projects, existing assets, favorable FX, trading activity in Israel, and the $17 million contribution from the Sunlight cluster sell-down, and noted higher costs from new projects and trading activity. He said operating cash flow was strengthening, with an approximately $100 million per quarter run rate excluding working capital, and detailed a strong liquidity position: $877 million at topco, $287 million at subsidiaries, $418 million available on the credit facility, and about $1.1 billion available on LC/surety facilities. He also said the company raised about $350 million in Q2 via Series G bonds at 4.4% and reiterated that internal resources should support growth toward revenue and income of over $2.2 billion and beyond.

Analysts pressed on why second-half guidance implied a lighter step-down versus the first half; management said the mix reflects growing Israel trading activity, which lifts revenue but carries lower EBITDA margin, and the absence of further Sunlight sell-down contributions in H2. On the 2028 roadmap, management said revenue potential rose even though factored gigawatts were a bit lower because the newly acquired storage projects in Finland and Romania add meaningful first-year revenue despite lower capacity conversion. Questions on U.S. PPAs and demand led management to say it expects more hyperscaler deals, sees accelerating electricity demand, and may increasingly use its own generation to supply data centers rather than always selling to third parties. On safe harboring, management said it chose projects carefully to prioritize those likely to reach COD before 2030, and on tariffs/inverter rules it said the mature U.S. portfolio should see little near-term impact because much of the required equipment is already on U.S. soil and contracts include mechanisms to share cost changes.