Track market-moving stories before they get noisy

On July 24, 2026, Enlight Renewable Energy Ltd (ENLT) shares fell 3.5%, bringing the current price to $87.00. This decline comes as the stock has shown volatili

HomeStock IdeasLong IdeasUtilities 

SummaryENLT develops, finances, owns, and operates utility-scale solar, wind, and battery storage assets, creating long-term contracted cash flows and recurring value.The company funds expansion through non-recourse project financing, tax-equity partnerships, mezzanine financing, and internal cash generation, supporting portfolio growth while limiting shareholder dilution.An expanding development pipeline, a growing battery storage portfolio, corporate PPAs, and AI-driven electricity demand are expected to support future earnings and cash flow growth.Although ENLT trades at a premium valuation, its business quality, disciplined execution, and long-term earnings potential support accumulating the stock during market pullbacks. Alex_Wang1/iStock via Getty Images

Investment Thesis Enlight Renewable Energy (NASDAQ: ENLT) is an integrated renewable energy company. It operates in utility-scale solar, wind, and battery energy storage system assets (BESS). Unlike the traditional renewable energy companies, the company develops, finances, owns, and operates. This integrated model supports long-term value creation through

10 Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

On June 23, 2026, Enlight Renewable Energy Ltd ENLT shares rose by 6.1%, bringing the current price to $90.56. Over the past year, the stock has exhibited remarkable growth, with a staggering increase of 316.6%. However, the stock is currently trading within a 52-week range of $22.58 to $108.65, indicating significant volatility.

GF Value™ verdict: The current price of $90.56 is 92.4% above the GF Value™ of $47.07, indicating the stock is significantly overvalued.GF Score™: ENLT has a GF Score™ of 65/100, which is considered above average and suggests a relatively strong potential for long-term returns.Most notable signal: Insiders have sold $30.1 million worth of shares in the last three months, with no buying activity reported. Is ENLT Overvalued or Undervalued? The current price of Enlight Renewable Energy Ltd ENLT stands at $90.56, which is starkly above the estimated GF Value™ of $47.07. This represents a significant overvaluation of 92.4%. Investors looking at this disparity should consider the implications of such an overvaluation, particularly in a market that may be influenced by speculative trading. The GF Valuation label categorizes ENLT as significantly overvalued, indicating a lack of margin of safety for potential investors. A stock trading at such a premium to its intrinsic value carries the risk of a price correction should market sentiment shift.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current valuation suggests that potential investors might be better served by waiting for a more favorable entry point before committing capital to this stock.

How Does ENLT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 210.6x 48.6x Forward P/E 194.8x N/A Currently, ENLT's P/E (TTM) of 210.6x is significantly above its 5-year median P/E of 48.6x. This current P/E is 333% higher than its historical average, suggesting that the stock is trading at an inflated valuation compared to its past performance. This analysis aligns with the GF Value™ verdict, reinforcing the conclusion that ENLT is overvalued in the current market context.

What Does ENLT's GF Score™ Tell Us? Metric Rating GF Score™ 65 Financial Strength 4/10 Profitability 7/10 Growth 5/10 Valuation 3/10 Momentum 3/10 The GF Score™ provides a comprehensive assessment of ENLT's overall quality based on five key aspects. With a score of 65/100, the stock is positioned above average, primarily driven by a strong profitability rank of 7/10. However, the valuation rank is notably low at 3/10, which is consistent with the high P/E ratio and suggests that the stock may not provide a satisfactory return on investment in the near term. The financial strength score of 4/10 indicates potential concerns regarding the company's stability, while the growth and momentum scores of 5/10 and 3/10 respectively suggest moderate performance in these areas.

What Are Insiders Doing with ENLT Stock? In the last three months, insiders have sold a total of $30.1 million worth of shares, with no reported buying activity. This trend of selling could signal a lack of confidence from those closest to the company, potentially indicating that they believe the stock is overvalued. Such insider activity is often a crucial signal for investors to consider, as it may reflect the sentiment of those with the most intimate understanding of the company’s operations and future prospects.

What This Means for Investors Based on the current analysis and the significant disparity between ENLT's market price and its GF Value™, the stock is deemed overvalued. Investors may want to exercise caution and consider the risks associated with entering a position at such elevated valuations.

For the complete analysis, visit the Enlight Renewable Energy Ltd ENLT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ENLT's GF Score™?

ENLT's GF Score™ is 65/100, indicating that it has above-average potential for long-term returns based on various financial metrics.

Is ENLT overvalued or undervalued?

ENLT is considered overvalued, with its current price significantly exceeding the GF Value™ of $47.07.

What is ENLT's P/E ratio?

ENLT's P/E (TTM) is 210.6x, which is 333% above its 5-year median P/E of 48.6x, indicating a substantial overvaluation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Enlight Renewable Energy Ltd. (NASDAQ: ENLT - Get Free Report) saw a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 288,764 shares, an increase of 28.2% from the February 26th total of 225,207 shares. Approximately 0.2% of the shares of the company are sold short.

Posted by Defense World Staff on Apr 15th, 2026

Shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT – Get Free Report) have received an average rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $48.00.

A number of analysts recently weighed in on ENLT shares. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on Enlight Renewable Energy and gave the company a “hold” rating in a report on Thursday, April 9th. Barclays reiterated an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. UBS Group upped their target price on Enlight Renewable Energy to $65.00 and gave the company a “buy” rating in a report on Friday, January 16th. Finally, Mizuho set a $37.00 target price on Enlight Renewable Energy in a research note on Monday, February 23rd.

View Our Latest Analysis on Enlight Renewable Energy

Enlight Renewable Energy Stock Performance NASDAQ:ENLT opened at $80.99 on Wednesday. The stock’s 50-day moving average is $70.16 and its 200-day moving average is $51.57. Enlight Renewable Energy has a 1-year low of $15.00 and a 1-year high of $81.28. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 2.03. The stock has a market cap of $9.60 billion, a P/E ratio of 79.40, a price-to-earnings-growth ratio of 10.17 and a beta of 1.21.

Enlight Renewable Energy (NASDAQ:ENLT – Get Free Report) last posted its earnings results on Saturday, February 14th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.17. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. The business had revenue of $124.19 million for the quarter, compared to the consensus estimate of $146.12 million. Equities research analysts anticipate that Enlight Renewable Energy will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy Several large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its stake in Enlight Renewable Energy by 0.9% during the fourth quarter. Advisors Asset Management Inc. now owns 26,865 shares of the company’s stock worth $1,221,000 after purchasing an additional 251 shares during the period. Mariner LLC boosted its holdings in Enlight Renewable Energy by 4.1% in the third quarter. Mariner LLC now owns 10,070 shares of the company’s stock worth $314,000 after acquiring an additional 396 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Enlight Renewable Energy by 1.0% in the third quarter. Public Employees Retirement System of Ohio now owns 45,693 shares of the company’s stock worth $1,409,000 after acquiring an additional 472 shares in the last quarter. Jane Street Group LLC boosted its holdings in Enlight Renewable Energy by 6.0% in the second quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock worth $258,000 after acquiring an additional 641 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Enlight Renewable Energy by 0.7% in the second quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock worth $2,458,000 after acquiring an additional 773 shares in the last quarter. Institutional investors and hedge funds own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile (Get Free Report)

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.

Featured Stories Five stocks we like better than Enlight Renewable Energy

Receive News & Ratings for Enlight Renewable Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Enlight Renewable Energy and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINECasey O’connor Sells 60,000 Shares of Stitch Fix (NASDAQ:SFIX) Stock

NEXT HEADLINE »Michael George Rosenbaum Sells 1,200 Shares of Guidewire Software (NYSE:GWRE) Stock

Information in Investor’s Business Daily is for informational and educational purposes only and should not be construed as an offer, recommendation, solicitation, or rating to buy or sell securities. The information has been obtained from sources we believe to be reliable, but we make no guarantee as to its accuracy, timeliness, or suitability, including with respect to information that appears in closed captioning. Historical investment performances are no indication or guarantee of future success or performance. Authors/presenters may own the stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any specific investment strategies. Information is subject to change without notice. For information on use of our services, please see our Terms of Use.

*Real-time prices by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. Ownership data provided by LSEG and Estimate data provided by FactSet.

IBD, IBD Digital, IBD Live, IBD Weekly, Investor's Business Daily, Leaderboard, MarketDiem, MarketSurge and other marks are trademarks owned by Investor's Business Daily, LLC.

©2026 Investor’s Business Daily, LLC. All Rights Reserved.

The market expects Texas Pacific (TPL - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis landowner is expected to post quarterly earnings of $2.03 per share in its upcoming report, which represents a year-over-year change of +16%.

Revenues are expected to be $242 million, up 23.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 25.79% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Texas Pacific?For Texas Pacific, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that Texas Pacific will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Texas Pacific would post earnings of $1.73 per share when it actually produced earnings of $1.79, delivering a surprise of +3.47%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Texas Pacific doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsEnlight Renewable Energy Ltd. (ENLT - Free Report) , another stock in the Zacks Alternative Energy - Other industry, is expected to report earnings per share of $0.07 for the quarter ended March 2026. This estimate points to a year-over-year change of -90.7%. Revenues for the quarter are expected to be $165.77 million, up 27.6% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Enlight Renewable Energy Ltd. has been revised 6.7% up to the current level. Nevertheless, the company now has an Earnings ESP of -64.51%, reflecting a lower Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Enlight Renewable Energy Ltd. will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, May 05, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the quarter ended March 31, 2026. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

Financial Highlights 

Total revenues and income1 of $200 million, an increase of 54% compared to the same period last year.Net income of $38 million, compared to $102 million in the same period last year. Excluding a gain of approximately $81 million from the sale of a 44% stake in the Sunlight cluster and deconsolidation in the first quarter of 2025, net income increased by approximately 76%, compared to net income of approximately $21 million in the first quarter of 2025.Adjusted EBITDA2 of $154 million, compared to $132 million in the same period last year. Excluding a gain of approximately $42 million from the sale of a 44% stake in the Sunlight cluster in the first quarter of 2025 and a gain of approximately $12 million from a follow-on transaction for the sale of an additional 11% stake in the current quarter, Adjusted EBITDA totaled $142 million, compared to $89 million in the same period last year, an increase of 58%.Cash flow from operating activities3 of $100 million, an increase of 58% compared to the same period last year.The Company reaffirms its 2026 guidance of total revenues and income4 in the range of $755 million to $785 million, representing 32% growth compared to 2025, and Adjusted EBITDA in the range of $545 million to $565 million, representing 27% growth compared to 2025. 1Total revenues and income include revenues from the sale of electricity, as well as income from tax benefits from U.S. projects; 2Adjusted EBITDA is a non-IFRS measure. Please refer to the appendices for the reconciliation to net income. The Company is unable to provide a reconciliation of “Adjusted EBITDA” to net income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted; 3Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, instead of cash flows from operating activities. Adjustments were made to comparative figures due to a change in accounting policy; for further details, see Appendix No. 4; 4Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.

Summary of key financial results:

 For the three months ended($ millions)March 31,
2026March 31,
2025% changeRevenues and Income20013054% Net Income38102(63%) Net Income excluding Sunlight382176% Adjusted EBITDA15413217% Adjusted EBITDA excluding Sunlight1428958% Cash Flow from Operating Activities1006358% 
Adi Leviatan, CEO of Enlight Renewable Energy: “2026 is off to a strong start, reflected in consistent and impressive over 50% growth across Enlight’s financial metrics. The Company improved output and achieved key milestones, despite geopolitical instability and challenges in global markets. These strong results are a direct testament to the structural resilience of the renewable energy sector, and to Enlight’s proven execution capabilities in particular. Our ability to generate meaningful value for shareholders even under complex conditions underscores the strength of our strategy and our unwavering commitment to leading the global transition to clean and sustainable energy.”

Portfolio Review

During the first quarter and through the date of this release, Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight’s total portfolio is comprised of 21.5 GW of generation capacity and 69 GWh energy storage (totaling 41.25 FGW), representing an increase of approximately 8% compared to the total portfolio at year-end 2025 (38 FGW). The generation component increased by approximately 4% and the storage component increased by approximately 13% compared to the previous quarter, reflecting Enlight’s strategy to lead in energy storage as a response to the significant shortage in the sector.

The mature component of the portfolio (operating projects, projects under construction, and projects in pre-construction) comprises 6.4 GW of generation capacity and 17.9 GWh of storage capacity, totaling 11.6 FGW, compared to 11.4 FGW at the end of the previous quarter. Approximately 56% of the mature component is in the U.S., 28% in Europe, and approximately 16% in MENA.

The advanced development and development components comprise of 15 GW of generation capacity and 51.1 GWh of storage capacity, totaling 29.6 FGW, an increase of 11% compared to year-end 2025, supporting Enlight’s growth potential beyond 2028. Approximately 71% of this component is located in the U.S., 16% in MENA, and 13% in Europe.

5FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.

The composition of Enlight’s portfolio appears in the following table:

ComponentStatusFGWAnnual revenues &
income run rate ($m)OperatingCommercial operation3.9~750-770Under constructionUnder construction4.0~770Pre-construction0-12 months to start of construction3.7~540Total Mature PortfolioMature11.6~$2,060-2,080mAdvanced development13-24 months to start of construction7.3N/ADevelopment24+ months to start of construction22.3N/ATotal Portfolio 41.2N/A Operating component of the portfolio: 3.9 FGW The operating component totals 3.9 FGW, of which approximately 41% is in the U.S., 34% in Europe, and 25% in Israel. 90% of operating capacity is contracted under PPAs, of which approximately 24% is under indexed linked PPAs.The operating portfolio generates annualized revenues and income run rate of approximately $750-770 million. Under construction component of the portfolio: 4.0 FGW The under-construction component includes six projects in the U.S. (Phases 1 through 3 of the CO Bar complex, Country Acres, Crimson Orchard, Snowflake A) with total capacity of 3.4 FGW, four projects in Europe totaling approximately 400 FMW, and projects in Israel totaling approximately 170 FMW.Storage projects (stand-alone or co-located) account for approximately 35% of total capacity.This component increased quarter-over-quarter by approximately 0.5 FGW (approximately 14%), driven by continued progress at the CO Bar complex, including the start of construction of CO Bar 3, with planned generation capacity of 473 MW. Together with Phases 1 and 2, which began construction at the beginning of the year, 1.4 FGW is currently under construction out of an expected total of 2.4 FGW for the complex.The Company estimates that during the remainder of 2026 it will begin construction of projects totaling approximately 3 FGW, such that over 90% of the mature component is expected to be either operating or under construction by the end of 2026.Under-construction projects are expected to contribute approximately $770 million to the annual revenues and income in their first full year of operation. Pre-construction component of the portfolio: 3.7 FGW The pre-construction component includes six projects in the U.S. totaling 1.5 FGW, five projects in Europe totaling approximately 1.5 FGW, and projects in Israel totaling 0.7 FGW.Storage projects account for 75% of total capacity.During the quarter, projects totaling approximately 90 FMW in Israel transitioned from advanced development to pre-construction.Pre-construction projects are expected to contribute approximately $540 million to the annual revenues and income in their first full year of operation. Advanced development component of the portfolio: 7.3 FGW This component includes 5.3 FGW in the U.S., 1.2 FGW in Europe, and 0.8 FGW in MENA.Projects totaling approximately 1.3 FGW advanced from development to advanced development, of which 67% are in the U.S., 18% in Europe, and 15% in MENA.Storage projects account for approximately 47% of total capacity.Over the past three months, approximately 1.0 FGW completed a System Impact Study in the U.S.; as of the earnings release date, 5.2 FGW (approximately 96% of this component’s capacity in the U.S.) has a high likelihood of achieving grid interconnection.Approximately 4.1 FGW of U.S. capacity met Safe Harbor6 requirements (approximately 77% of this component’s capacity in the U.S.), securing eligibility for tax benefits. The Company estimates that by the end of June 2026, the remaining approximately 1.3 FGW in advanced development is expected to meet Safe Harbor requirements. Development component of the portfolio: 22.3 FGW This component includes 15.6 FGW in the U.S., with broad geographic presence including projects in the PJM, WECC, SPP, and MISO regions, 3.8 FGW in MENA, and 2.9 FGW in Europe.Over the past three months, projects totaling approximately 4.2 FGW were added to the development component, of which approximately 82% are in the U.S.Storage projects account for approximately 50% of total capacity. 6Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions

Over the past three months, approximately 1.0 FGW completed a System Impact Study in the U.S.; as of the earnings release date, 8.3 FGW (approximately 53% of this component’s capacity in the U.S.) has a high likelihood of achieving grid interconnection.Approximately 2.7 FGW of U.S. capacity met Safe Harbor requirements (approximately 17% of this component’s capacity in the U.S.), securing eligibility for tax benefits. The Company estimates that by the end of June 2026, an additional approximately 0.7 to 2.7 FGW of the remaining U.S. development pipeline is expected to meet Safe Harbor requirements. With completion of the current mature portfolio by year-end 2028, Enlight’s operating capacity is expected to reach 12–13 FGW, and total annual revenues and income run rate is expected to reach $2.1 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 to 2028.

7The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices and are contingent on current trends known to the Company at this time; Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. The company's revenues from tax benefits are estimated at approximately 22-26% of the total revenues & income run rate for December 2026 and approximately 30-31% of the total revenues & income run rate for December 2027 and December 2028.

Project and Corporate Finance

During the quarter, the Company raised financing sources totalling approximately $740 million:

An issuance of approximately 6 million shares totaling approximately $422 million.Project financing of $304 million for the Crimson Orchard project in Idaho, U.S., with 120 MW of solar capacity and 400 MWh of storage capacity (approximately 230 FMW). The project is expected to reach commercial operation during the second quarter of 2027.A follow-on transaction for the sale of an additional 11% stake in the Sunlight cluster generated cash flow of $16 million. Following the balance sheet date, an additional approximately 15% was sold, completing the sale of 70% of the cluster.As of the balance sheet date, cash and cash equivalents at the “topco”8 level amounted to $709 million. In addition, cash and cash equivalents held by Enlight’s subsidiaries amounted to $270 million.As of the balance sheet date, the Company maintained $525 million of credit facilities, of which $162 million has been drawn.As of the balance sheet date, the Company maintained approximately $1.6 billion of letter of credit and surety bond facilities, of which $591 million has been utilized. Financial Results Analysis

Revenues and Income by Segment:

($ millions)For the three months endedSegmentMarch 31, 2026March 31, 2025% changeMENA654350% Europe615119% U.S.7435111% Total Revenues & Income20013054% 
Revenues & Income

In the first quarter of 2026, the Company’s total revenues and income increased by 54% to approximately $200 million, compared to approximately $130 million in the same period last year. Revenues from the sale of electricity increased by 43% to $156 million, and income from tax benefits totaled approximately $43 million, compared to approximately $20 million in the same period last year.

8Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.

Key contributors to the increase include the Roadrunner and Quail Ranch projects in the U.S., which were connected toward the end of the fourth quarter of 2025 and contributed approximately $16 million to electricity revenues. Higher output from existing projects contributed approximately $14 million to the increase, primarily due to stronger-than-average wind conditions in projects in Israel and Europe. Electricity trading activity in Israel doubled compared to the same period last year and contributed approximately $6 million to the increase. Depreciation of the U.S. dollar against the Israeli shekel and the euro contributed approximately $12 million to electricity revenues. The increase in income from tax benefits is primarily attributable to the operation of newly commissioned projects in the U.S.

Net Income

Net income for the first quarter of 2026 totaled $38 million, compared to $102 million in the same period last year, or $21 million excluding $81 million gain from the sale of a 44% stake in the Sunlight cluster and deconsolidation in the same period last year.

The increase of approximately $17 million is primarily attributable to the increase of $70 million in total revenues and income, offset by an increase of approximately $18 million in cost of sales (mainly due to increased electricity trading activity in Israel and the commissioning of new projects), an increase of $17 million in depreciation and amortization, and an increase of approximately $9 million in general and administrative and development expenses, partially offset by an increase of approximately $5 million in other income. In addition, finance expenses increased by $12 million (as a result of newly connected projects) and income taxes increased by $4 million (excluding the tax impact of the Sunlight transaction).

Adjusted EBITDA

Adjusted EBITDA for the first quarter of 2026 totaled approximately $154 million, compared to approximately $132 million in the same period last year. Excluding a $42 million contribution from the sale of a 44% stake in the Sunlight cluster in the first quarter of 2025 and a $12 million contribution from the sale of an additional 11% stake in the current quarter, Adjusted EBITDA increased by $52 million, representing 58% growth.

The increase was driven by the $70 million increase in total revenues and income and a $5 million increase in other income, partially offset by a $17 million increase in cost of sales and a $6 million increase in general and administrative and development expenses (excluding share-based compensation expense).

Conference Call Information

English Conference Call & Webcast at 8:00am ET / 3:00pm Israel:

Please pre-register to join the live conference call:

https://register-conf.media-server.com/register/BI298036fe28364be9a3420ef6404be876

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

To join by webcast, please use the following link:

https://edge.media-server.com/mmc/p/jwtsutqs

Hebrew Webcast at 6:00am ET / 1:00pm Israel:

Please pre-register to join the live webcast:

https://enlightenergy-co-il.zoom.us/webinar/register/WN_W3VsvHjFSV65eV_zLuCaIA

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. An archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.com/info/investors/

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.com/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a non-IFRS financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and the Company’s expectation relating to projects, including their timeline, financing and the achievement of operational and financial objectives, 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, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and expected Revenues, Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects, as well as timing of construction of any project; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 12 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

Company Contacts

Limor Zohar Megen
Director IR
[email protected]

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
[email protected]

Appendix 1 – Financial information

Consolidated Statements of Income

 For the three months ended
March 31
 2026
  2025  USD in
  USD in  thousands
  thousands       Revenues156,487  109,758 Tax benefits43,106  20,111 Total revenues and income199,593  129,869     Cost of sales (*)(44,279) (26,638)Depreciation and amortization(50,722) (33,789)General and administrative expenses(18,963) (11,846)Development expenses(3,999) (2,564)Total operating expenses(117,963) (74,837)Gains from projects disposals436  97,262 Other income (expenses), net4,200  (1,105)Operating profit86,266  151,189     Finance income8,996  6,695 Finance expenses(44,183) (30,203)Total finance expenses, net(35,187) (23,508)    Profit before tax and equity loss51,079  127,681 Share of losses of equity accounted investees(993) (1,227)Profit before income taxes50,086  126,454 Taxes on income(12,278) (24,651)Profit for the period37,808  101,803     Profit for the period attributed to:   Owners of the Company24,073  94,458 Non-controlling interests13,735  7,345  37,808  101,803 Earnings per ordinary share (in USD) with a par value of   NIS 0.1, attributable to owners of the parent Company:   Basic earnings per share0.18  0.80 Diluted earnings per share0.16  0.75 Weighted average of share capital used in the   calculation of earnings:   Basic per share135,133,959  118,783,541 Diluted per share146,664,085  125,316,177        (*) Excluding depreciation and amortization.

Consolidated Statements of Financial Position as of       March 31 December 31 2026 2025 USD in USD in Thousands ThousandsAssets       Current assets   Cash and cash equivalents978,761 528,497Restricted cash182,046 409,424Trade receivables97,088 95,118Other receivables101,113 62,286Other financial assets567 524Total current assets1,359,575 1,095,849    Non-current assets   Restricted cash127,464 130,358Other long-term receivables33,125 64,349Deferred costs in respect of projects290,516 235,615Deferred borrowing costs1,788 1,749Loans to investee entities89,723 85,131Investments in equity accounted investees47,464 59,310Fixed assets, net6,678,751 6,281,418Intangible assets, net300,424 303,971Deferred taxes assets3,544 4,692Right-of-use asset, net246,190 225,495Financial assets at fair value through profit or loss84,879 83,582Other financial assets50,502 58,383Total non-current assets7,954,370 7,534,053    Total assets9,313,945 8,629,902     Consolidated Statements of Financial Position as of (Cont.)        March 31 December 31 2026 2025 USD in USD in Thousands ThousandsLiabilities and equity       Current liabilities   Credit and current maturities of loans from1,078,760 884,120banks and other financial institutions Trade payables103,994 137,230Other payables376,080 405,741Current maturities of debentures175,317 173,571Current maturities of lease liability12,233 12,396Other financial liabilities9,564 16,147Total current liabilities1,755,948 1,629,205    Non-current liabilities   Debentures484,200 477,315Other financial liabilities175,861 378,303Convertible debentures273,329 273,801Loans from banks and other financial institutions3,010,968 2,981,786Loans from non-controlling interests85,793 86,946Financial liabilities through profit or loss27,141 26,946Deferred taxes liabilities82,387 77,688Employee benefits1,718 1,645Lease liability249,835 231,135Deferred income related to tax equity630,579 370,734Asset retirement obligation99,541 99,460Total non-current liabilities5,121,352 5,005,759    Total liabilities6,877,300 6,634,964    Equity   Ordinary share capital3,938 3,711Share premium1,743,143 1,319,716Capital reserves86,103 99,311Proceeds on account of convertible options25,008 25,380Accumulated profit264,096 240,023Equity attributable to shareholders of the Company2,122,288 1,688,141Non-controlling interests314,357 306,797Total equity2,436,645 1,994,938Total liabilities and equity9,313,945 8,629,902 Consolidated Statements of Cash Flows        For the three months ended
March 31 2026
 2025
 USD in USD in Thousands Thousands    Cash flows for operating activities   Profit for the period37,808 101,803    Income and expenses not associated with cash flows:   Depreciation and amortization50,722 33,789Finance expenses, net34,703 22,388Share-based compensation5,101 1,710Taxes on income12,278 24,651Tax benefits(40,750) (20,111)Other income (expenses), net(1,751) 1,105Company’s share in losses of investee partnerships993 1,227Gains from projects disposals(436) (97,262) 60,860 (32,503)    Changes in assets and liabilities items:   Change in other receivables2,036 (856)Change in trade receivables(1,477) (20,376)Change in other payables(4,026) 8,604Change in trade payables6,729 7,802 3,262 (4,826)    Income Tax paid(1,585) (1,075)    Net cash from operating activities100,345 63,399    Cash flows for investing activities   Sale (Acquisition) of consolidated entities, net(234) 36,223Changes in restricted cash and bank deposits, net226,946 8,176Purchase, development, and construction in respect of projects(609,233) (255,862)Interest receipts (*)6,540 2,512Loans provided and Investment in investees(19,408) (7,430)Repayments of loans from investees14,370 30,815Payments on account of acquisition of consolidated entity- (7,447)Purchase of financial assets measured at fair value through profit or loss, net(2,264) (3,040)Net cash used in investing activities(383,283) (196,053)     Consolidated Statements of Cash Flows (Cont.)   For the three months ended
March 31 2026
2025
 USD inUSD in ThousandsThousands   Cash flows from financing activities  Receipt of loans from banks and other financial institutions778,165143,578Repayment of loans from banks and other financial institutions(530,458)(108,922)Interest paid (*)(35,569)(22,298)Issuance of debentures-125,838Issuance of convertible debentures-114,685Repayment of debentures-(21,994)Proceeds from investments by tax-equity investors121,068-Repayment of tax-equity investment(1,987)-Deferred borrowing costs(11,774)(35,199)Receipt of loans from non-controlling interests14-Increase in holding rights of consolidated entity-(1,392)Issuance of shares419,317-Exercise of share options1711Repayment of lease liability(2,829)(4,058)Proceeds from investment in entities by non-controlling interest-7,732   Net cash from financing activities735,964197,981   Increase in cash and cash equivalents453,02665,327   Balance of cash and cash equivalents at beginning of period528,497387,427   Effect of exchange rate fluctuations on cash and cash equivalents(2,762)(3,224)   Cash and cash equivalents at end of period978,761449,530    (*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid

Information related to Segmental Reporting 

 For the three months ended March 31, 2026 MENA Europe USA Total reportable segments Others Total USD in thousandsRevenues64,502 61,061 30,533 156,096 391 156,487 Tax benefits- - 43,106 43,106 - 43,106 Total revenues and income64,502 61,061 73,639 199,202 391 199,593             Segment adjusted EBITDA58,775 46,584 66,034 171,393 (454) 170,939    Reconciliations of unallocated amounts:  Headquarter costs (*) (16,957) Intersegment profit 9 Gains from projects disposals (**) (11,902) Depreciation and amortization and share-based compensation (55,823) Operating profit 86,266 Finance income 8,996 Finance expenses (44,183) Share of the losses of equity accounted investees (993) Profit before income taxes 50,086 
(*)        Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**)        Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.

Information related to Segmental Reporting

 For the three months ended March 31, 2025 MENA Europe USA

 Total reportable segments Others Total USD in thousandsRevenues42,867 51,384 14,678 108,929 829 109,758 Tax benefits- - 20,111 20,111 - 20,111 Total revenues and income42,867 51,384 34,789 129,040 829 129,869             Segment adjusted EBITDA68,017 44,663 30,549 143,229 81 143,310    Reconciliations of unallocated amounts:  Headquarter costs (*) (11,701) Intersegment loss 106 Gains from projects disposals 54,973 Depreciation and amortization and share-based compensation (35,499) Operating profit 151,189 Finance income 6,695 Finance expenses (30,203) Share of the losses of equity accounted investees (1,227) Profit before income taxes 126,454 
(*)        Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA     ($ thousands)For the three months ended March 31, 2026 March 31, 2025Net Income37,808 101,803 Depreciation and amortization50,722 33,789 Share based compensation5,101 1,710 Finance income(8,996) (6,695) Finance expenses44,183 30,203 Gains from projects disposals11,902 (**) (54,973) (*) Share of losses of equity accounted investees993 1,227 Taxes on income12,278 24,651 Adjusted EBITDA153,991 131,715      * Net profit from deconsolidation and revaluation following the partial sale of an asset (Sunlight cluster).** Contribution to Adjusted EBITDA from the sale of an additional stake in the deconsolidated asset (Sunlight cluster). For more information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “Non-IFRS financial measures” section of this press release.

Appendix 3 – Debentures Covenants 

Debentures Covenants 

As of March 31, 2026, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:  

Minimum equity 

The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding. 

As of March 31, 2026, the company’s equity amounted to NIS 7,712 million (USD 2,437 million). 

 Net financial debt to net CAP 

The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding. 

As of March 31, 2026, the net financial debt to net CAP ratio, as defined above, stands at 30%. 

Net financial debt to EBITDA 

So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods. 

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods. 

For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods. 

As of March 31, 2026, the net financial debt to EBITDA ratio, as defined above, stands at 5.3.

 Equity to balance sheet 

The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding. 

As of March 31, 2026, the equity to balance sheet ratio, as defined above, stands at 63%. 

Appendix 4 – Change in accounting policy 

Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.

During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap (IRS) instruments to cash flows used in financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management’s view of the financing nature of these transactions.

Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:

($ thousands) For the three months ended  March 31, 2025  As reported Adjustment As adjustedNet cash from operating activities 43,613  19,786  63,399Net cash used in investing activities (198,565)  2,512  (196,053)Net cash from financing activities 220,279  (22,298)  197,981Increase in cash and cash equivalents 65,327  -  65,327          Appendix 5

a) Segment information: Operational projects

($ thousands) 3 Months ended March 31Operational
Project
SegmentsInstalled
Capacity
(MW)Installed
Storage
(MWh)Generation
(GWh)Revenues and
incomeSegment Adjusted
EBITDA1   202620252026202520262025MENA67681937331764,50242,86743,19225,750Europe1,327-86070461,06151,38446,58444,663USA8962,54041420973,63934,78966,03430,549Total Consolidated2,8993,3591,6471,230199,202129,040155,774100,962Unconsolidated
at Share3851    Total2,9373,410    
b) Operational Projects Further Detail

($ thousands)   3 Months ended March 31, 2026 Operational ProjectSegmentInstalled Capacity
(MW)Installed
Storage(MWh)Reported RevenueSegment Adjusted EBITDA1Debt balance as of March 31, 2026Ownership %2MENA WindMENA316-29,982 513,68549% MENA PV + BESSMENA36081934,520 600,33184% Total MENA 67681964,50243,1921,114,016 Europe WindEurope1,184-58,446 846,43664% Europe PVEurope143-2,615 70,47076% Total Europe 1,327-61,06146,548931,862 USA PV + BESSUSA8962,54073,639 786,129100% Total USA8962,54073,63966,034786,129 Total Consolidated Projects2,8993,359199,202155,7742,817,050 Uncons. Projects at share3851   50% Total 2,9373,410199,202155,7742,817,050          EBITDA results included $1m in the 3 months ended March 26, of compensation recognized from Björnberget; EBITDA results exclude $3m of compensation from Emek and $12m from Sunlight sale in 2026, and $42m is 2025Ownership % is calculated based on the project's share of total revenues c) Projects under construction

($ millions)
Consolidated
ProjectsCountryGeneration and energy storage Capacity (MW/MWh)Est.
CODEst. Total
Project CostTax credit benefit- Qualifying categoryTax credit benefit- Adders3Discounted Value of Tax Benefit2

Est. Total
Project Cost net of tax benefitCapital Invested as of March 31, 2026Est. Equity Required (%)Equity Invested as of March 31, 2026Est. First Full Year Revenue4Est. First Full Year EBITDA4,5Ownership %1

Country AcresUSA403/688Q4 2026807-848ITCDC (10%)394-414413-4346640%-10%69161-6548-50100%Co Bar 1USA258/824H2 2027-H1 2028637-667ITCEC (10%)281-296356-3712280%-10%228125-13199-104100%Co Bar 2+3USA953/01,236-1,300PTCEC (10%)545-573691-727100%Crimson OrchardUSA120/400Q2 2027319-335ITCEC (10%) +
DC (10% BESS only)164-173155-162560%-10%63427-2820-21100%Snowflake AUSA594/1,900H2 20271,493-1,569ITCEC (10%) +
DC (10% BESS only)759-798734-7716110%-10%6159123-130101-106100%Gecama SolarSpain227/220Q4 2026199-209---199-20915423%-28%715436-3829-3172%SestanovacCroatia23/75Q4 202635-36---35-36630%-40%665100%Tapolca BessHungary0/140Q4 2621-22---21-22045%07-86-7100%Bjornberget – BESSSweden0/100Q3 202624-25---24-2515100%154355%Israel ConstructionIsrael3/303Q2 26-
Q1 2739-41---39-41720%-30%710-116-774%Total Consolidated Projects 2,581/
4,650 4,810-5,052   2,143-2,2542,677-2,7981,742 695 399-422 317-334  Unconsolidated Projects at share10Israel14/222Q1 2026- Q1 202753-55---

53-554215%-20%429753%

Total  2,595/
4,872 4,863-5,107   2,143-2,2542,720-2,8531,784 737408-431324-341 
d)        Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)

($ millions)
Consolidated Projects

Country

Generation and energy storage Capacity (MW/MWh)

Est.
COD

Est. Total
Project Cost

Tax Credit Benefit Est. Total
Project Cost net of tax benefitCapital Invested as of March 31, 2026

Est. Equity Required (%)

Equity Invested as of March 31, 2026

Est. First Full Year Revenue4

Est. First Full Year EBITDA4,5

Ownership %1

Qualifying Category

Adders3

Discounted Value of Tax Benefit2Co Bar 4+5USA0/3,176H1 2028985-1,036ITCEC (10%) +
DC (10%)592-622393-414110%-10%11129-136107-112100%NardoItaly104/8722029234-246---234-2461130%1139-4132-33100%JupiterGermany150/2,166H2 2028547-575---547-575635%698-10381-8551%BertikowGermany0/881H1 2028160-168---160-168115%-25%137-3831-3250%Israel HV storage9Israel0/1,350H2 2028227-239---227-2391920%1915-167-8100% ($ millions)
Additional Pre-Construction ProjectsMW DeploymentMW/MWh

Est. Total
Project CostTax Credit BenefitDiscounted Value of Tax Benefit2Est. Total
Project Cost net of tax benefitCapital Invested as of March 31, 2026Est. Equity Required (%)Equity Invested as of March 31, 2026Est. First Full Year Revenue4Est. First Full Year EBITDA4,5Ownership %1 202720282029 Qualifying CategoryAdders3        United States128/0439/0-895-940ITCDC (10%) & EC (10%)8447-470448-4705110%-20%5161-6448-50100%Europe0/2210/208-84-88---84-88130%-40%115-1611-1284%MENA7/51084/1250/50233-245---233-2451130%-40%1140-4221-2288%Total Consolidated Projects135/731523/3330/503,365-3,365  1,039-1,0922,326-2,445112 112434-456339-354 Unconsolidated Projects at share100/41-0/148-9---8-9115%-20%12156%Total Pre-Construction912MW +9,614MWh3,373-3,546  1,039-1,0922,334-2,454113 113436-458340-355 
1) The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight's capital plus a preferred return

2) Value of tax benefits under the IRA: The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment was made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the valuation and return of the project. The actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.

3) The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth

4) Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits

5) EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close

6) The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD

7) Gecama Solar’s debt is held under Gecama Wind. As of March 31, 2026, the solar project had $41m USD drawn

8) Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);

9) Two high voltage projects with total capacity of 1,350MWh. Estimated revenue for the first 5 years is $14-15m million per year. From year 6, the projects will move to a deregulated market, with revenue expected to be $55 million per year

10) All numbers, beside equity invested, reflects Enlight share only

e) Additional information on tax equity investments

  Tax equity investmentTax equity partner's share of project tax credits, cash flows, and taxable income($ millions)
Projects*Est. Total
Project CostUpfront tax equity investmentTax credit proceeds during the project's operation ("pay-go")Share of ITC/PTC tax credit allocated to tax equity partnerShare of taxable income initial periodDuration of initial period for share of taxable income (years)Share in project cash flow initial period (second period)Duration of initial period for share in project cash flow (years)Atrisco PV36919855ConfidentialConfidentialConfidential17.5% (5%)10Atrisco BESS458266-ConfidentialConfidentialConfidential23% (7%)5Quail Ranch2741311899%99%1010% (5%)10Roadrunner6213375599%99%5-1010%-12% (5%)10
* Apex financing was structured as a sale and leaseback and therefore not included in the table above

Appendix 6 – cash and cash equivalents

($ thousands)March 31, 2026Cash and Cash Equivalents: Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”)709,041Subsidiaries269,720Deposits: Short term deposits-Restricted Cash: Projects under construction182,046Reserves, including debt service, performance obligations and others127,464Total Cash1,288,271
Appendix 7 – Corporate level (TopCo) debt

($ thousands)March 31, 2026Debentures: Debentures659,517*Convertible debentures273,329Loans from banks and other financial institutions: Credit and short-term loans from banks and other financial institutions67,665Loans from banks and other financial institutions116,588Total corporate level debt1,117,099 * Including current maturities of debentures in the amount of 175,317

Appendix 8 – Functional Currency Conversion Rates:

The financial statements of each of the Company’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the Israeli shekel (“NIS”), which is the Company’s Functional Currency. The Group’s consolidated financial statements are presented in U.S. dollars (“USD”).

FX Rates to USD:

Date of the financial statements:
EuroNISAs of 31th March 20261.150.32As of 31th March 20251.080.27 Average for the 3 months period ended:  March 2026 1.170.32March 20251.050.28
A Figure accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8ab6061b-a5e9-4842-a391-17f952cfa452

Enlight Renewable Energy Ltd (ENLT) Q1 2026 Earnings Call Transcript

On May 11, 2026, Enlight Renewable Energy Ltd ENLT shares rose 3.4% today, trading at $93.77. The stock has seen a remarkable price performance, with a 52-week range of $16.87 to $93.85.

GF Value™ verdict: Current price of $93.77 vs GF Value™ of $43.25, indicating it is 116.8% overvalued.GF Score™: 63/100 (Above Average), suggesting a potential for higher long-term returns.Most notable signal: Insiders sold $2.4M in the last 3 months with no buying activity. Is ENLT Overvalued or Undervalued? Enlight Renewable Energy Ltd’s current price of $93.77 significantly exceeds its GF Value™ of $43.25, indicating that the stock is 116.8% overvalued. This disparity suggests a lack of margin of safety for potential investors, as the market price is not supported by intrinsic value based on historical and projected performance. GF Valuation indicates that ENLT is significantly overvalued, underscoring the risk of a price correction if future growth does not meet market expectations.

The overvaluation reflects the current sentiment towards renewable energy stocks, which have attracted heightened investor interest. However, the substantial gap between the current trading price and the GF Value™ raises concerns about the sustainability of such valuations, especially given the volatility in the sector and potential changes in regulatory environments.

How Does ENLT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 218.1x 47.7x Forward P/E 184.9x - The current P/E ratio of 218.1x is significantly above its 5-year median of 47.7x, indicating that ENLT is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, reinforcing the notion that the stock is overvalued based on its earnings relative to historical performance.

What Does ENLT's GF Score™ Tell Us? Metric Rating GF Score™ 63 Financial Strength 4/10 Profitability 7/10 Growth 5/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 63/100 suggests that while ENLT has decent growth and profitability ranks, its financial strength and valuation ranks are noticeably weaker. The valuation rank of 1/10 indicates significant concerns regarding the stock's current price relative to its intrinsic value. The strongest area is profitability, with a rank of 7/10, highlighting the company's ability to generate income, whereas the weakest area is valuation, aligning with the overvaluation indicated by the GF Value™ analysis.

What Are Insiders Doing with ENLT Stock? In the last three months, insiders have sold $2.4 million worth of ENLT stock, with no reported buying activity. This trend may suggest a lack of confidence from insiders regarding the stock's future price appreciation, potentially signaling to outside investors that caution is warranted. The absence of insider buying further reinforces the notion that the current valuation may not be justified based on expected performance.

What This Means for Investors Based on the GF Value™ assessment, Enlight Renewable Energy Ltd ENLT is overvalued at its current price of $93.77. The significant gap between the market price and the intrinsic value suggests that investors may face risks should the stock price adjust to align with its underlying fundamentals.

For the complete analysis, visit the Enlight Renewable Energy Ltd ENLT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ENLT's GF Score™?

ENLT's GF Score™ is 63/100, indicating that it is above average and has the potential for higher long-term returns based on key aspects evaluated.

Is ENLT overvalued or undervalued?

ENLT is overvalued based on its GF Value™ of $43.25 compared to its current price of $93.77, suggesting risks of a price correction.

What is ENLT's P/E ratio?

ENLT's P/E ratio is 218.1x, which is significantly higher than its 5-year median of 47.7x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Enlight Renewable Energy Ltd (ENLT) Discusses Execution Excellence and Growth Engines in the Evolving Electricity Market Transcript

The agreement expands Enlight’s U.S. business to large commercial customers 

The electricity will be generated by Solstice, a 250 MWdc solar project in LeFlore County, Oklahoma

The project has cleared a system impact study and is expected to receive full interconnection approval in 2026

TEL AVIV, Israel, May 26, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a leading global renewable energy developer and independent power producer, announces the signing of a physical power purchase agreement with Google in Oklahoma, delivered to the Southwest Power Pool market. The transaction was led by Enlight’s U.S. subsidiary, Clēnera Holdings, LLC.

Under the agreement, Clēnera will provide 200 MWac of photovoltaic (PV) energy generation from its Solstice project under a fixed price, 15-year contract. Solstice is a 250 MWdc solar project in Oklahoma, being developed by Enlight’s U.S. subsidiary Clēnera Holdings. Construction is expected to begin in 2028, with commercial operations targeted for 2029. Solstice is anticipated to expand to include 800 MWh of battery energy storage capacity in a subsequent phase. The energy generated from Solstice will power Google’s data center operations in the region.

The agreement is Enlight’s first U.S. power purchase agreement with a commercial customer and its first project to reach this stage in the Southwest Power Pool (SPP). SPP is one of the largest and fastest growing power markets in the United States, with strong demand fundamentals driven by electrification, industrial growth and expansion of data center capacity. According to the 2025 Integrated Transmission Planning Assessment Report, the SPP peak load is expected to increase by nearly 5 GW between 2026 and 2029. Additionally, the SPP market is projected to retire over 5.7 GW of fossil generation resources by 2029, making new investments in generation more important than ever.

“The Solstice project marks a new chapter for Enlight and Clēnera in the U.S.,” said Enlight Chief Executive Officer Adi Leviatan. “By signing this agreement with Google, we are expanding our U.S. customer base beyond utilities to large load commercial customers, including the fast-growing data center sector. These customers require high-quality, high-capacity projects that can be delivered with speed and certainty. Enlight and Clēnera have built the capabilities, pipeline and execution track record to meet this demand, and we believe this agreement is only the beginning of a significant growth opportunity for our U.S. business.”

“Google is committed to growing in a way that supports our neighbors and strengthens the electricity grid,” said Will Conkling, Director of Energy and Power, Google. “This new agreement with Clēnera will help bring more power generation online in Oklahoma, contributing to a more robust, affordable, and reliable energy system for all.”

The Solstice solar facility has successfully completed a system impact study and is expected to receive full interconnection approval later this year.

“We are looking forward to our entrance into the SPP market and specifically the local community in Oklahoma,” said Clēnera CEO Jared McKee. “During construction, we will employ hundreds of skilled laborers with economic benefits rippling through the community. During operations, Solstice will deliver reliable, clean energy while contributing significant local and state taxes to the community. We are committed to being good stewards of the land and I am excited to partner with Google in this shared mission for many years to come.”

About Enlight Renewable Energy:

Founded in 2008, Enlight Renewable Energy is a global renewable energy developer and independent power producer. The Company develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage. Enlight operates in the United States, Israel, and Europe. Enlight has been traded on the Tel Aviv Stock Exchange (TASE: ENLT) since 2010 and has been listed on Nasdaq following its U.S. IPO in 2023 (Nasdaq: ENLT). Learn more at www.enlightenergy.com

Enlight Investor Contacts

Limor Zohar Megen
Director IR
[email protected]

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
[email protected]

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and the Company’s expectation relating to projects, including their timeline, financing and the achievement of operational and financial objectives, 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, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and expected Revenues, Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects, as well as timing of construction of any project; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.