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

TEL AVIV, Israel, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the quarter ended June 30, 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

3 months ending June 30, 2026

Total revenues and income1 of $210 million, an increase of 55% compared to the same period last year.Net income of $31 million, compared to $6 million in the same period last year.Adjusted EBITDA2 of $160 million, compared to $96 million in the same period last year. Excluding a gain of approximately $17 million from the follow-on sale of a 15% stake from the Sunlight cluster in the second quarter of 2026, Adjusted EBITDA totaled $142 million, an increase of 50% from the second quarter of 2025.Cash flow from operating activities3 of about $84 million, an increase of 37% compared to the same period last year. 6 months ending June 30, 2026

Total revenues and income of $409 million, an increase of 55% compared to the same period last year.Net income of $69 million, compared to $107 million in the same period last year. Excluding a gain of approximately $81 million from the sale of 44% stake from the Sunlight cluster in and deconsolidation in the first quarter of 2025, net income increased by 160%, compared to $26 million in the comparable period.Adjusted EBITDA of $314 million, compared to $227 million in the first half of 2025. Excluding a gain of $42 million from the sale of 44% from the Sunlight cluster in the first half of 2025, and a gain of $30 million from follow-on sales of 26% from the Sunlight cluster during the first half of 2026, Adjusted EBITDA amounted to $284 million in the first half of 2026, an increase of 54% from the first half of 2025.Operating cash flow of $185 million, an increase of 48% from the first half of 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

Raising full-year guidance ranges

Revenues & income4 guidance increased to $790 to $820 million, up from $755 to $785 million previously.Adjusted EBITDA guidance increased to $565 to $585 million, up from $545 to $565 million previously.The increase in guidance is primarily driven by strong first-half results, attributed to strong project operational performance, higher electricity prices in Europe and the depreciation of the USD. The increase in revenue guidance exceeded the increase in Adjusted EBITDA guidance, reflecting the growing contribution of our electricity trading operations in Israel, which are characterized by low margins.
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 endedFor the six months ended($ millions)June 30,
2026June 30,
2025% changeJune 30,
2026June 30,
2025% changeRevenues and Income21013555%40926555%Net Income316460%69107(36%)Net income excluding the Sunlight transactions316460%6926160%Adjusted EBITDA1609667%31422738%Adjusted EBITDA excluding the Sunlight transactions1429650%28418554%Cash Flow from Operating Activities846237%18512548%        Adi Leviatan, CEO of Enlight Renewable Energy: “We are concluding another quarter of strong growth and consistent execution, with revenue increasing by 55%, significant improvements in profitability and cash flow generation, and robust performance across all of our operating regions. Our first-half results, together with the continued advancement of projects under construction and the expansion of our energy storage business, enable us to raise our 2026 revenue and Adjusted EBITDA guidance, as well as the run-rate revenues reflected in our mature projects and our year-end 2028 target.

At the same time, the successful completion of $2.6 billion financing for the CO Bar complex, the largest in our history, along with additional milestones achieved during the quarter, highlights Enlight’s execution and financing capabilities and reflects the confidence of our financial partners.

We remain focused and disciplined in expanding our global portfolio and converting it into sustained high-growth performance while preserving long-term profitability. At the same time, we continue to strengthen our position as a leading energy platform across the markets in which we operate.”

Portfolio Review

During the second 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 21.8 GW of generation capacity and 74.6 GWh energy storage (totaling 43.1 FGW5), representing an increase of 4.6% compared to the total portfolio at the release date of the first quarter of 2026 (41.2 FGW). The generation component increased by approximately 1.5% and the storage component increased by approximately 8% compared to the previous quarter, reflecting Enlight’s strategy to lead in energy storage as a response to the market’s increasing demand.

The mature component of the portfolio (operating projects, projects under construction, and projects in pre-construction) comprises of 6.4 GW of generation capacity and 20.5 GWh of storage capacity, totaling 12.3 FGW, compared to 11.6 FGW at the end of the previous quarter, an increase of 6%. Approximately 53% of the capacity is located in the U.S., 32% in Europe, and approximately 15% in MENA.

The advanced development and development components comprise of 15.4 GW of generation capacity and 54.1 GWh of storage capacity, totaling 30.8 FGW, an increase of 4% sequentially. Approximately 72% of the capacity is located in the U.S., 15% 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 operation3.9~780-810Under constructionUnder construction4.5~840Pre-construction0-12 months to start of construction3.9~660Total Mature Portfolio 12.3~$2,300mAdvanced development13-24 months to start of construction7.8-Development24+ months to start of construction23.0-Total Portfolio 43.1-     Operating component of the portfolio: 3.9 FGW Approximately 41% of the operating component 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 index-linked PPAs.The operating portfolio generates annualized revenues and income run rate of approximately $780 to $810 million. The increase in run-rate revenues from operating assets is driven mainly by higher revenues from electricity trade in Israel, good operational performance in the Company’s projects, higher electricity prices and exchange rates fluctuations. Under construction component of the portfolio: 4.5 FGW This component increased quarter-over-quarter by approximately 500 FMW (approximately 12%),The Bertikow project in Germany (storage capacity of 881 MWh) started construction during the quarter.As part of its strategy to expand energy storage capacity in Europe, the Company acquired and commenced construction of two energy storage projects in Finland, a key hub for data center development. The projects have a combined storage capacity of 902 MWh, are expected to achieve commercial operation during the first half of 2028 and are projected to generate an unlevered return6 of 19% to 20%.The under-construction component includes six projects in the U.S. (CO Bar Phases I-III, Country Acres, Crimson Orchard, and Snowflake A) with a total capacity of 3.4 GW, seven projects in Europe with an aggregate capacity of approximately 912 MW, and projects in Israel with a total capacity of approximately 142 MW.Energy storage projects (either standalone or paired with generation assets) account for approximately 42% of the under-construction component.During the second quarter, financing for the CO Bar complex in Arizona was successfully completed, totaling $2.6 billion. The financing was provided by a consortium of seven leading global financial institutions. The complex comprises five phases and includes 1.2 GW of solar generation capacity and 4 GWh of energy storage capacity. Total investment in the CO Bar complex is expected to range between $2.9 billion and $3.0 billion, including a term loan of approximately $1.7 billion. Tax equity proceeds are estimated at about $1.5 billion. The Company estimates that during the remainder of 2026 it will begin construction of projects totaling approximately 2.7 FGW, such that 87% of the mature component is expected to be either operating or under construction by the end of 2026.The under-construction component is expected to contribute approximately $840 million to the annual revenues and income in their first full year of operation, compared to $770 million in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above. 6 Calculated by dividing the projected EBITDA for the first full year of operations by the estimated net construction cost.

Pre-construction component of the portfolio: 3.9 FGW This component increased by approximately 220 FMW.During the quarter, the Karpen Cluster in Romania was acquired, with an aggregate storage capacity of 848 MWh. Commercial operation is expected to commence in several phases during the second half of 2028 and the first half of 2029. The portfolio is expected to generate an unlevered return of 16.8% to 17.2%.During the quarter, an additional energy storage project in Finland, Kajo, was acquired, with a storage capacity of 542 MWh. Commercial operation is expected during the first half of 2028, and the project is expected to generate an unlevered return of 16.9%–17.3%.In addition, projects in Israel and Hungary with an aggregate capacity of approximately 56 FMW advanced to pre-construction.The pre-construction component includes six projects in the U.S. totaling 1.5 FGW, eleven projects in Europe totaling approximately 1.7 FGW, and projects in Israel totaling 0.7 FGW.Storage projects account for 77% of total capacity. Pre-construction projects are expected to contribute approximately $660 million to the annual recurring revenues and income in their first full year of operation, an increase from $540 million in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above. Advanced development component of the portfolio: 7.8 FGW This component increased by 500 FMW sequentially.During the quarter projects with an aggregate capacity of 324 FMW in the U.S. (in SPP), 286 FMW in Poland and 245 FMW in Israel transitioned from development to advanced development.This component includes 5.5 FGW in the U.S., 1.2 FGW in Europe, and 1.1 FGW in MENA.Storage projects account for 48% of total capacity.As of the date of this report, the entire advanced development portfolio in the U.S. has successfully completed System Impact Study process and has a high likelihood of securing grid interconnection.Approximately 5 FGW of U.S. capacity met Safe Harbor7 requirements (approximately 91% of this component’s capacity in the U.S.), securing eligibility for tax benefits. 7Securing 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

Development component of the portfolio: 23 FGW This component includes 16.9 FGW in the U.S., 3.4 FGW in MENA, and 2.7 FGW in Europe.The main additions over the past three months include projects totaling planned capacity of approximately 2 FGW in the U.S., of which energy storage projects with aggregated capacity of 2.4 GWh in PJM and projects with aggregated electricity generation capacity of 478 MW and storage capacity of 1.4 GWh in CAISO. 240 MW planned electricity generation and 800 MWh of planned energy storage capacity were added in WECC.Storage projects account for approximately 51% of total capacity.As of the earnings release date, 8.1 FGW (approximately 48% of this component’s capacity in the U.S.) successfully completed System Impact Study and have a high likelihood of achieving grid interconnection.Approximately 6.4 FGW of U.S. capacity met Safe Harbor requirements (approximately 38% of this component’s capacity in the U.S.), securing eligibility for tax benefits.Under current U.S. legislation, energy storage projects that commence construction by the end of 2033 are eligible for the full value of available tax credits, with a gradual phase-down for projects beginning construction during the following three years. The Company currently has approximately 4.7 GW of energy storage capacity in its portfolio that is expected to begin construction over the coming years.The Company expects to pursue similar tax credit eligibility for future energy storage projects added to its portfolio, subject to their commencement of construction within the applicable qualification period.
With completion of the current mature portfolio by year-end 2028, Enlight’s operating capacity is expected to reach approximately 12 FGW, and total annual revenues and income8 run rate is expected to reach $2.2 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 and 2028.

Project and Corporate Finance

During the first half of the year, the Company secured approximately $3.7 billion of financing sources (including project financing):

$2.6 billion financing for the CO-Bar complex, representing the largest financing transaction in the Company's history.Approximately $350 million raised through an expansion of Series G bonds on the Tel Aviv Stock Exchange, at an interest rate of approximately 4.4%, reflecting a spread of approximately 0.75% above comparable Israeli government bonds.Issuance of approximately 6 million shares, generating gross proceeds of approximately $420 million.$304 million financing secured for the Crimson Orchard project in Idaho, U.S.Follow-on transactions for the sale of additional stakes in the Sunlight portfolio, generating proceeds of $38 million.As of the balance sheet date, cash and cash equivalents at the “topco”8 level9 totaled $877 million. In addition, cash and cash equivalents held by subsidiaries amounted to approximately $287 million.As of the balance sheet date, the Company had available credit facilities of $550 million, of which $132 million had been utilized.As of the balance sheet date, the Company had approximately $1.7 billion of Letter of Credit and Surety Bond facilities, of which $674 million had been utilized. 8The 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 22-24% of the total revenues & income run rate for December 2026 and approximately 28-30% of the total revenues & income run rate for December 2027 and December 2028.
9 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.

Financial Results Analysis

Revenues & Income by Segment
($ millions)For the three months endedFor the six months endedSegment
June 30,
2026
June 30,
2025
% change
June 30,
2026
June 30,
2025
% change
MENA
77
53
46%
141
96
48%
Europe
52
48
9%
113
99
14%
U.S.
80
34
133%
154
69
122%
Other
1
0
-
1
1
-
Total Revenues & Income
210
135
55%
409
265
55%
        Revenues & Income

In the second quarter of 2026, the Company's total revenues increased by 55% to approximately $210 million, compared to approximately $135 million in the corresponding quarter last year. Revenues from electricity sales grew by 43% to approximately $166 million.

The increase in revenues was primarily driven by new U.S. projects that commenced operations at the end of 2025, contributing approximately $20 million to the growth in electricity sales revenues. Foreign exchange fluctuations contributed an additional $13 million, electricity trading activities in Israel contributed $9 million, and higher power prices together with improved generation output contributed approximately $6 million to the increase in electricity sales revenues.

Tax credit income amounted to approximately $44 million, compared to approximately $19 million in the corresponding quarter last year. The increase was primarily attributable to new U.S. projects that commenced operations at the end of 2025, as well as additional tax credits recognized at the Atrisco project related to the use of domestic content, which became effective in the third quarter of 2025.

Net Income

The Company's net income for the second quarter of 2026 totaled $31 million, compared to $6 million in the corresponding quarter last year.

The $25 million increase was primarily driven by a $75 million increase in total revenues. This was partially offset by a $19 million increase in cost of revenues, mainly due to the expansion of electricity trading activities in Israel and the commencement of operations at new projects, a $10 million increase in depreciation and amortization expenses, an $8 million increase in general and administrative and development expenses, a $4 million increase in other expenses, primarily due to compensation for lost revenues received in the second quarter of 2025, and a $9 million increase in tax expenses.

Gross financing expenses increased by $18 million, primarily as a result of the commencement of operations at new projects. This was partially offset by a $7 million increase in financing income. In addition, during the corresponding period last year, the Company recorded $12 million of financing expenses related to foreign exchange adjustments.

Adjusted EBITDA

The Company's Adjusted EBITDA for the second quarter of 2026 amounted to approximately $160 million, compared to approximately $96 million in the corresponding quarter last year, representing an increase of 67%.

The increase compared to the second quarter of 2025 was primarily driven by a $75 million increase in revenues, partially offset by a $17 million increase in cost of revenues resulting from the commencement of operations of new projects and the expansion of electricity trading activities in Israel, a $6 million increase in general, administrative and development expenses (excluding share-based compensation expenses), and a $4 million decrease in other income.

Partially offsetting these factors, the follow-on sale of an additional 15% interest in the Sunlight portfolio contributed approximately $17 million to Adjusted EBITDA.

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/BIa44c30056e064c77bfb6d11ba810306b

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
To join by webcast, which will feature a presentation, please use the following link:

https://edge.media-server.com/mmc/p/sk3hcqbs

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

Please pre-register to join the live webcast:

https://enlightenergy-com.zoom.us/webinar/register/WN_Is-DMN7ETJ2-RR28wRf59A

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, minus finance income and adjusted to eliminate any non-recurring portions of other income (expenses), net.  compensation received in respect of contractual performance shortfalls and recorded in other income (expenses), net, is included in adjusted EBITDA. Such compensation represents income the company would have generated had the contractual performance levels been achieved. 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 economic gain or loss attributable to the interest sold, calculated as the consideration received less the proportional book value attributable to such interest. 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.

Investor 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 six months ended
June 30
 For the three months ended
June 30
   2026
 2025 2026
 2025   USD in
 USD in USD in
 USD in   thousands
 thousands thousands
 thousands           Revenues 322,477 225,875 165,990 116,117 Tax benefits 86,807 38,972 43,701 18,861 Total revenues and income 409,284 264,847 209,691 134,978       Cost of sales (*) (92,780) (56,484) (48,501) (29,846) Depreciation and amortization (98,106) (71,017) (47,384) (37,228) General and administrative expenses (37,081) (23,336) (18,118) (11,490) Development expenses (8,689) (5,469) (4,690) (2,905) Total operating expenses (236,656) (156,306) (118,693) (81,469) Gains from projects disposals 889 97,828 453 566 Other income (expenses), net 3,681 2,374 (519) 3,479 Operating profit 177,198 208,743 90,932 57,554       Finance income 20,260 8,166 11,264 1,471 Finance expenses (104,554) (82,286) (60,371) (52,083) Total finance expenses, net (84,294) (74,120) (49,107) (50,612)       Profit before tax and equity loss 92,904 134,623 41,825 6,942 Share of losses of equity accounted investees (1,421) (1,645) (428) (418) Profit before income taxes 91,483 132,978 41,397 6,524 Taxes on income (22,498) (25,606) (10,220) (955) Profit for the period 68,985 107,372 31,177 5,569       Profit for the period attributed to:     Owners of the Company 53,442 95,815 29,369 1,357 Non-controlling interests 15,543 11,557 1,808 4,212   68,985 107,372 31,177 5,569 Earnings per ordinary share (in USD) with a par     value of NIS 0.1, attributable to owners of the     parent Company:     Basic earnings per share 0.39 0.80 0.21 0.01 Diluted earnings per share 0.36 0.75 0.20 0.01 Weighted average of share capital used in the     calculation of earnings:     Basic per share 137,294,117 119,107,985 139,430,537 119,421,246 Diluted per share 148,712,951 127,192,179 150,455,906 129,204,402  .
(*) Excluding depreciation and amortization.

Consolidated Statements of Financial Position as of           June 30 December 31   2026 2025   USD in USD in   Thousands Thousands Assets           Current assets     Cash and cash equivalents 1,163,734 528,497 Bank deposits 2,280 - Restricted cash 122,735 409,424 Trade receivables 111,799 95,118 Other receivables 149,939 62,286 Other financial assets 1,223 524 Total current assets 1,551,710 1,095,849       Non-current assets     Restricted cash 133,009 130,358 Other long-term receivables 33,917 64,349 Deferred costs in respect of projects 378,466 235,615 Deferred borrowing costs 2,141 1,749 Loans to investee entities 91,852 85,131 Investments in equity accounted investees 36,027 59,310 Fixed assets, net 7,486,761 6,281,418 Intangible assets, net 318,289 303,971 Deferred taxes assets 4,223 4,692 Right-of-use asset, net 258,464 225,495 Financial assets at fair value through profit or loss 109,061 83,582 Other financial assets 58,137 58,383 Total non-current assets 8,910,347 7,534,053       Total assets 10,462,057 8,629,902        Consolidated Statements of Financial Position as of (Cont.)
        June 30 December 31   2026 2025   USD in USD in   Thousands Thousands Liabilities and equity           Current liabilities     Credit and current maturities of loans from 566,257 884,120 banks and other financial institutions   Trade payables 78,457 137,230 Other payables 528,706 405,741 Current maturities of debentures 186,745 173,571 Current maturities of lease liability 13,142 12,396 Other financial liabilities 9,445 16,147 Total current liabilities 1,382,752 1,629,205       Non-current liabilities     Debentures 854,480 477,315 Other financial liabilities 172,810 378,303 Convertible debentures 287,992 273,801 Loans from banks and other financial institutions 4,158,696 2,981,786 Loans from non-controlling interests 82,449 86,946 Financial liabilities through profit or loss 27,511 26,946 Deferred taxes liabilities 85,751 77,688 Employee benefits 2,096 1,645 Lease liability 265,505 231,135 Deferred income related to tax equity 596,401 370,734 Asset retirement obligation 100,623 99,460 Total non-current liabilities 6,634,314 5,005,759       Total liabilities 8,017,066 6,634,964       Equity     Ordinary share capital 3,961 3,711 Share premium 1,743,180 1,319,716 Capital reserves 100,113 99,311 Proceeds on account of convertible options 24,994 25,380 Accumulated profit 293,465 240,023 Equity attributable to shareholders of the Company 2,165,713 1,688,141 Non-controlling interests 279,278 306,797 Total equity 2,444,991 1,994,938 Total liabilities and equity 10,462,057 8,629,902  Consolidated Statements of Cash Flows          For the six months ended
June 30For the three months ended
June 30 2026202520262025 USD inUSD inUSD inUSD in ThousandsThousandsThousandsThousands     Cash flows for operating activities    Profit for the period68,985107,37231,1775,569     Income and expenses not associated with cash flows:    Depreciation and amortization98,10671,01747,38437,228Finance expenses, net85,21571,07350,51248,685Share-based compensation10,0422,9944,9411,284Taxes on income22,49825,60610,220955Tax benefits(79,764)(38,972)(39,014)(18,861)Other income (expenses), net(1,063)(2,374)688(3,479)Company’s share in losses of investee partnerships1,4211,645428418Gains from projects disposals(889)(97,828)(453)(566) 135,56633,16174,70665,664     Changes in assets and liabilities items:    Change in other receivables289(4,593)(1,747)(3,737)Change in trade receivables(20,153)(20,885)(18,676)(509)Change in other payables19,63121,47023,65712,866Change in trade payables(14,161)(2,650)(20,890)(10,452) (14,394)(6,658)(17,656)(1,832)     Income Tax paid(5,359)(8,673)(3,774)(7,598)     Net cash from operating activities184,798125,20284,45361,803     Cash flows for investing activities    Sale (Acquisition) of consolidated entities, net(14,657)33,018(14,423)(3,205)Sale of investee entities29,208-29,208-Changes in restricted cash and bank deposits, net280,8838,18653,93710Purchase, development, and construction in respect of projects(1,332,696)(658,022)(723,463)(402,160)Interest receipts (*)15,5186,3348,9783,822Loans provided and Investment in investees(28,320)(26,324)(8,912)(18,894)Repayment of loans to investees22,50430,8158,134-Payments on account of acquisition of consolidated company(7,874)(7,447)(7,874)-Purchase of long-term financial assets measured at fair value through profit or loss, net(24,999)(3,247)(22,735)(207)Net cash used in investing activities(1,060,433)(616,687)(677,150)(420,634)      Consolidated Statements of Cash Flows (Cont.)          For the six months ended
June 30For the three months ended
June 30 2026202520262025 USD inUSD inUSD inUSD in ThousandsThousandsThousandsThousands     Cash flows from financing activities    Receipt of loans from banks and other financial institutions1,387,800674,684609,635531,106Repayment of loans from banks and other financial institutions(601,846)(223,361)(71,388)(114,439)Interest paid (*)(61,825)(40,387)(26,256)(18,089)Issuance of debentures345,933125,838345,933-Issuance of convertible debentures-114,685--Repayment of debentures-(21,994)--Dividends and distributions by subsidiaries to non-controlling interests(37,842)(8,682)(37,842)(8,682)Proceeds from investments by tax-equity investors121,068---Repayment of tax-equity investment(5,837)(10,952)(3,850)(10,952)Deferred borrowing costs(51,410)(46,618)(39,636)(11,419)Receipt of loans from non-controlling interests14182-182Repayment of loans from non-controlling interests(3,539)-(3,539)-Increase in holding rights of consolidated entity-(1,392)--Issuance of shares419,317---Exercise of share options35301819Repayment of lease liability(3,767)(5,803)(938)(1,745)Proceeds from investment in entities by non-controlling interest-12,799-5,067     Net cash from financing activities1,508,101569,029772,137371,048     Increase in cash and cash equivalents632,46677,544179,44012,217     Balance of cash and cash equivalents at beginning of period528,497387,427978,761449,530     Effect of exchange rate fluctuations on cash and cash equivalents2,77115,4885,53318,712     Cash and cash equivalents at end of period1,163,734480,4591,163,734480,459      (*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid

Information related to Segmental Reporting

 For the six months ended June 30, 2026 MENA Europe USA Total reportable segments Others Total USD in thousandsRevenues141,371 113,320 66,693 321,384 1,093 322,477Tax benefits- - 86,807 86,807 - 86,807Total revenues and income141,371 113,320 153,500 408,191 1,093 409,284           Segment adjusted EBITDA125,478 85,484 138,078 349,040 (1,400) 347,640  Reconciliations of unallocated amounts: Headquarter costs (*)(33,398)Intersegment profit9Gains from projects disposals (**)(28,905)Depreciation and amortization and share-based compensation(108,148)Operating profit177,198Finance income20,260Finance expenses(104,554)Share of the losses of equity accounted investees(1,421)Profit before income taxes91,483   (*)      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 six months ended June 30, 2025 MENA Europe USA Total reportable
segments Others Total  USD in thousandsRevenues95,637 99,184 30,008 224,829 1,046 225,875 Tax benefits- - 38,972 38,972 - 38,972 Total revenues and income95,637 99,184 68,980 263,801 1,046 264,847             Segment adjusted EBITDA107,031 82,226 59,913 249,170 1,079 250,249    Reconciliations of unallocated amounts:  Headquarter costs (*) (22,958) Intersegment profit 127 Gains from projects disposals 55,336 Depreciation and amortization and share-based compensation (74,011) Operating profit 208,743 Finance income 8,166 Finance expenses (82,286) Share of the losses of equity accounted investees (1,645) Profit before income taxes 132,978      (*)      Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting

 For the three months ended June 30, 2026 MENA Europe USA Total reportable
segments Others Total USD in thousandsRevenues76,869 52,259 36,160 165,288 702 165,990Tax benefits- - 43,701 43,701 - 43,701Total revenues and income76,869 52,259 79,861 208,989 702 209,691           Segment adjusted EBITDA66,703 38,900 72,044 177,647 (946) 176,701  Reconciliations of unallocated amounts: Headquarter costs (*)(16,441)Gains from projects disposals (**)(17,003)Depreciation and amortization and share-based compensation(52,325)Operating profit90,932Finance income11,264Finance expenses(60,371)Share of the losses of equity accounted investees(428)Profit before income taxes41,397   (*)      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 June 30, 2025 MENA Europe USA Total reportable segments Others Total USD in thousandsRevenues52,770 47,800 15,330 115,900 217 116,117Tax benefits- - 18,861 18,861 - 18,861Total revenues and income52,770 47,800 34,191 134,761 217 134,978            Segment adjusted EBITDA39,014 37,563 29,364 105,941 998 106,939   Reconciliations of unallocated amounts:  Headquarter costs (*) (11,257)Intersegment profit 21Gains from projects disposals 363Depreciation and amortization and share-based compensation (38,512)Operating profit 57,554Finance income 1,471Finance expenses (52,083)Share of the losses of equity accounted investees (418)Profit before income taxes 6,524 (*)      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 six months For the three months  ended June 30 ended June 30  2026  2025  2026  2025 Net Income 68,985  107,372  31,177  5,569 Depreciation and amortization 98,106  71,017  47,384  37,228 Share based compensation 10,042  2,994  4,941  1,284 Finance income (20,260)  (8,166)  (11,264)  (1,471) Finance expenses 104,554  82,286  60,371  52,083 Gains from projects disposals 28,905 (**) (55,336) (*) 17,003 (**) (363) (*)Share of losses of equity accounted investees 1,421  1,645  428  418 Taxes on income 22,498  25,606  10,220  955 Adjusted EBITDA 314,251  227,418  160,260  95,703          *    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 June 30, 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 June 30, 2026, the company’s equity amounted to NIS 7,280 million (USD 2,445 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 June 30, 2026, the net financial debt to net CAP ratio, as defined above, stands at 33%. 

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 June 30, 2026, the net financial debt to EBITDA ratio, as defined above, stands at 5.5.

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 June 30, 2026, the equity to balance sheet ratio, as defined above, stands at 57%. 

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 six months ended   June 30, 2025   As reported Adjustment As adjusted Net cash from operating activities 91,149  34,053  125,202  Net cash used in investing activities (623,021)  6,334  (616,687)  Net cash from financing activities 609,416  (40,387)  569,029  Increase in cash and cash equivalents 77,544  -  77,544   ($ thousands) For the three months ended   June 30, 2025   As reported Adjustment As adjusted Net cash from operating activities 47,536  14,267  61,803  Net cash used in investing activities (424,456)  3,822  (420,634)  Net cash from financing activities 389,137  (18,089)  371,048  Increase in cash and cash equivalents 12,217  -  12,217              Appendix 5

 a) Segment information: Operational projects

($ thousands)

6 Months ended June 30

3 Months ended June 30

Operational
Project
Segments
Installed
Capacity
(MW)
Installed
Storage
(MWh)
Generation
(GWh)
Revenues and
income
Segment Adjusted
EBITDA1
Generation
(GWh)Reported RevenueSegment Adjusted
EBITDA1   202620252026202520262025202620252026202520262025MENA676947766695
141,371
95,636
92,43964,387393
37876,86952,76949,24738,637Europe1,327-1,4831,353113,32199,18485,48482,226623
649
52,260
47,800
38,90037,563USA8962,5401,013519153,49968,980138,07859,913599
310
79,860
34,191
72,04429,364Total Consolidated2,8993,4873,2622,567408,191263,800316,002206,5261,615
1,337
208,989134,760160,192105,564Unconsolidated
at Share2847 Total2,9273,534   b) Operational Projects Further Detail

($ thousands)   6 Months ended June 30, 20263 Months ended June 30, 2026 Operational ProjectSegmentInstalled Capacity (MW)Installed Storage (MWh)Revenues and
incomeSegment Adjusted
EBITDA1Reported RevenueSegment Adjusted EBITDA1Debt balance as of June 30, 2026Ownership %2MENA WindMENA316-56,745 26,763 623,80349%MENA PVMENA36094784,626 50,106 638,05384%Total MENA 676947141,37192,43976,86949,2471,261,856 Europe WindEurope1,184-103,994 45,548 808,28565%Europe PVEurope143-9,327 6,712 71,49073%Total Europe 1,327-113,32185,48452,26038,900897,775 USA PVUSA8942,540153,499 79,860 785,440100%Total USA8942,540153,499138,07979,86072,045785,440 Total Consolidated Projects2,8993,487408,191316,002208,989160,1922,927,070 Uncons. Projects at share2847     50%Total 2,9273,534408,191316,002208,989160,1922,927,070            For the 6 month ended June 2026, EBITDA included $1.5m of compensation recognized from Bjorenberget and excluded $30m from Sunlight sale and $3m of compensation from Emek; For the 6 month ended June 2025 EBITDA exculded $42m from Sunlight saleOwnership % 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 June 30, 2026Est. Equity Required (%)Equity Invested as of June 30, 2026Est. First Full Year Revenue4Est. First Full Year EBITDA4,5Ownership %1Country AcresUSA403/688Q4 2026814-855ITCDC (10%)399-419415-4366810%-10%69162-6548-50100%Co Bar 1USA258/824H2 2027-636-669ITCEC (10%)300-315336-3544270%-10%6244124-13097-102100%Co Bar 2+3USA953/0H1 20281,215-1,277PTCEC (10%)547-575668-702100%Crimson OrchardUSA120/400H1 2027319-335ITCEC (10%) +
DC (10% BESS only)164-173155-1621110%-10%63427-2820-21100%Snowflake AUSA594/1,900H2 20271,397-1,469ITCEC (10%)11627-659770-8108920%-10%6159123-130101-106100%Finland BESS10Finland0/902H1 2028173-182---173-1821215%-25%1247-4934-3551%BertikowGermany0/881H1 2028187-197---187-1971020%-30%1037-3831-3250%Gecama SolarSpain227/220Q4 2026197-207---197-20715323%-28%715336-3829-3172%SestanovacCroatia23/75Q4 202635-36---35-361615%-25%1675-6100%Tapolca BessHungary0/140Q4 2621-22---21-221545%
1576-7100%Bjornberget – BESSSweden0/100Q3 202624-25---24-2518100%
183255%Israel ConstructionIsrael7/256Q3 26-
Q1 2741-43---41-431620%-30%169-10568%Total Consolidated Projects 2,585/
6,386 5,059-5,317  2,037-2,1413,022-3,1752,352 769481-505378-397 Unconsolidated Projects at share10Israel13/171Q3 2026- Q1 202735-37---35-373615%-20%366-7552%Total 2,598/
6,557 5,094-5,354  2,037-2,1413,057-3,2122,388 805487-512383-402                 d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)

($ millions)
Consolidated ProjectsCountryGeneration and energy storage Capacity (MW/MWh)Est.
CODEst. Total
Project CostTax Credit Benefit Est. Total
Project Cost net of tax benefitCapital Invested as of June 30, 2026Est. Equity Required (%)Equity Invested as of June 30, 2026Est. First Full Year Revenue4Est. First Full Year EBITDA4,5Ownership %1Qualifying CategoryAdders3Discounted Value of Tax Benefit2Co Bar 4+5USA0/3,176H1 20281,044-1,098ITCEC (10%) +
DC (10%)604-635440-463190%-10%19124-131102-108100%NardoItaly104/8722029234-246---234-2461130%1139-4132-33100%JupiterGermany150/2,166H2 2028538-566---538-566735%795-10078-8251%KarpenRomania0/848H2 2028-H1 2029154-162---154-162325%-35%331-3326-28100%KajoFinland0/542H1 2028106-111---106-111020%025-2618-1951%Ohad HV storage9Israel0/675H2 2028117-123---117-1231520%1595100%Neot Smadar HV storage9Israel0/675H1 2029115-121---115-121520%573100% ($ 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 June 30, 2026Est. Equity Required (%)Equity Invested as of June 30 2026Est. First Full Year Revenue4Est. First Full Year EBITDA4,5Ownership %1202720282029Qualifying CategoryAdders3United States128/0184/0255/0883-929ITCDC (10%) & EC (10%)8439-462444-4675310%-20%5361-6548-50100%Europe0/3160/208-94-99---94-99330%-100%320-2115-1687%MENA5/52686/356-301-316---301-3161420%-40%1459-6221-2295%Total Consolidated Projects133/842270/564255/03,586-3,771  1,043-1,0972,543-2,674131 131470-495358-378 Unconsolidated Projects at share100/260/7-5---5115%-20%11156%Total Pre-Construction912MW +10,393MWh3,591-3,776  1,043-1,0972,548-2,679132 132471-496359-379               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 June 30, 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

11) In the previous quarter, the Snowflake A BESS project was presented as expected to be eligible for the Domestic Content (“DC”) Adder. The project will not meet the applicable requirements for the DC adder. However, the removal of the DC adder is offset by significant savings capital expenditure of the new alternative equipment resulting in a negligible impact on the project’s economics

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) June 30, 2026Cash and Cash Equivalents:    Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) 876,801Subsidiaries   286,933Deposits:    Short term deposits   2,280Restricted Cash:    Projects under construction   122,735Reserves, including debt service, performance obligations and others 133,009Total Cash   1,421,758      Appendix 7 – Corporate level (TopCo) debt

($ thousands)June 30, 2026Debentures: Debentures1,041,225*Convertible debentures287,992Loans from banks and other financial institutions: Credit and short-term loans from banks and other financial institutions67,665Loans from banks and other financial institutions116,659Total corporate level debt1,513,541   * Including current maturities of debentures in the amount of 186,745

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 30th June 2026 1.140.34As of 30th June 2025 1.130.28    Average for the 3 months period ended:   June 2026 1.160.34June 2025 1.170.30 A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9351f7-7d30-4523-aa37-c0f12939ee6e

PORTSMOUTH, N.H.--(BUSINESS WIRE)--Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2026, which ended June 30, 2026.

Gunnar Kleveland, Albany International’s President and Chief Executive Officer, said, “Our second-quarter performance delivered the strongest Adjusted EBITDA we have achieved in the past two years and grew 11.5% year-over-year, despite modestly lower-than-expected revenue due to several discrete factors. This result reflects the progress we have made to build a more nimble company and underscores the strength of our operating model, our focus on profitable growth, and the dedication of the Albany team."

Kleveland continued, “In Engineered Composites, we are seeing the benefits of a refined operating model centered on our innovative technologies, which enable lighter-weight, more durable solutions for customers across commercial aerospace, defense, and space applications. Our recent participation at the Farnborough International Airshow reinforced the value of our business, as leading OEMs and government stakeholders engaged with us to explore solutions enabled by our innovative material science. In Machine Clothing, we are applying that same focus on innovation to expand opportunities for our high-value, performance-driven products across a broader range of uses.”

Consolidated Results

The Company’s net revenues were $329.5 million in the second quarter of 2026, compared to $311.4 million in the prior year. The increase was primarily driven by higher volume in the Engineered Composites business, offset by some end-market softness in Machine Clothing along with downtime related to an equipment failure in the Machine Clothing business.

Gross profit of $107.9 million in the second quarter of 2026 was 10.7% higher than $97.5 million reported for the same period of 2025, as a result of cost controls in Machine Clothing and a favorable mix of aerospace and defense programs in the Engineered Composites business.

Selling, general, and administrative expenses were $56.1 million in the second quarter of 2026, compared to $58.5 million in the same period of 2025, driven primarily by cost containment initiatives.

Operating income was $32.1 million, compared to $22.3 million in the prior year, an increase of 44.3%, primarily driven by stronger gross profit and cost containment initiatives.

The effective tax rate for the quarter was 32.0% compared to a 31.3% effective tax rate in the second quarter of 2025.

The net income attributable to the Company was $17.4 million, or $0.61 per share on a basic and diluted basis, compared to $9.2 million, or $0.31 per share in the second quarter of 2025.

Adjusted diluted earnings per share (or Adjusted EPS, a non-GAAP measure) was $0.82 per share, compared to $0.57 per share for the same period of last year.

Adjusted EBITDA (a non-GAAP measure) was $57.8 million, compared to $51.9 million in the second quarter of 2025, an increase of 11.5%, due to stronger revenue and operating profit. Adjusted EBITDA margin was 17.6% and 16.7% in the prior year, up 90 basis points as a result of stronger contribution from Engineered Composites.

Will Station, Albany International’s Chief Financial Officer, said, “We are pleased with our second-quarter performance, as disciplined execution and a more focused operating model drove meaningful year-over-year improvement in profitability. As we look to the balance of the year, we remain well positioned to maintain our growth trajectory. In Engineered Composites, we expect continued strength as multiple programs scale and we benefit from our focus on quality of earnings, while in Machine Clothing, we remain focused on execution and margin stability as we manage a fluid demand environment across the geographies we serve.”

Machine Clothing

Machine Clothing's net revenues decreased 2.4% after adjusting for currency translation, primarily driven by cyclical declines in the Americas and machine downtime in that region.

Machine Clothing’s adjusted EBITDA margin was 28.0%, compared to 28.9% in the second quarter of 2025. The margin decline is primarily impacted by foreign currency impacts related to a weaker U.S. dollar. On a constant currency basis, margins were up slightly at 29.0% despite lower volumes, driven by synergies and efficiency gains across the network.

Engineered Composites

Engineered Composites net revenues increased 14.2% after adjusting for currency translation, driven by strength across commercial and defense programs, most notably on the commercial side within the LEAP program, and on the defense side under the CH-53K and missile programs.

Adjusted EBITDA margin was 13.3%, compared to 8.5% in the second quarter of 2025. The increase in margin was driven by the continued focus on quality of earnings and the scaling of more profitable programs.

Capital Allocation Balance Sheet

Capital expenditures were $11.9 million, compared to $14.9 million in the second quarter of 2025, and were driven primarily by facility optimizations. Research and development expenses totaled $11.7 million, compared to $12.6 million in the second quarter of 2025, consistent with the Company’s commitment to advancing proprietary technologies and supporting long-term growth in both Machine Clothing and Engineered Composites.

Albany ended the quarter with cash and cash equivalents of $77.3 million and total debt of $450.7 million, resulting in a net debt position of $373.3 million. The Company maintains significant financial flexibility and liquidity to support ongoing investment initiatives while continuing to return capital to shareholders.

Outlook for the Third Quarter of 2026

Consolidated net revenue between $320 million and $330 million Machine Clothing net revenue between $165 million and $170 million Engineered Composite net revenue between $155 million and $160 million Adjusted EPS between $0.60 and $0.70 Third-quarter effective tax rate of 31.5% Second-Quarter 2026 Results Conference Call/Webcast

The Company will host a webcast to discuss results at 9:00 a.m. Eastern Time on Tuesday, August 4, 2026. Interested parties are encouraged to listen to the live webcast via the Company’s Investor Relations website at investors.albint.com or by registering via the link here. The event can also be accessed by dialing +1 (833) 461-5787 and using the Meeting ID: 487 159 842.

An archive of the webcast will be available for replay on the website at approximately noon Eastern Time on Tuesday, August 4, 2026.

ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net revenues

$

329,482

$

311,399

$

640,815

$

600,173

Cost of goods sold

221,581

213,892

433,120

406,180

Gross profit

107,901

97,507

207,695

193,993

Selling, general, and administrative expenses

56,068

58,502

114,367

112,314

Technical and research expenses

11,722

12,552

24,679

24,448

Restructuring expenses, net

7,973

4,183

11,138

6,698

Operating income

32,138

22,270

57,511

50,533

Interest expense, net

6,068

5,150

11,535

8,805

Other expense/(income), net

39

3,534

(3,154

)

4,517

Income before income taxes

26,031

13,586

49,130

37,211

Income tax expense

8,327

4,254

15,977

10,530

Net income

17,704

9,332

33,153

26,681

Net income attributable to the noncontrolling interest

290

149

458

143

Net income attributable to the Company

$

17,414

$

9,183

$

32,695

$

26,538

Earnings per share attributable to Company shareholders - Basic

$

0.61

$

0.31

$

1.15

$

0.87

Earnings per share attributable to Company shareholders - Diluted

$

0.61

$

0.31

$

1.14

$

0.87

Shares of the Company used in computing earnings per share:

Basic

28,361

29,928

28,341

30,373

Diluted

28,588

30,090

28,568

30,535

Dividends declared per Class A share

$

0.28

$

0.27

$

0.56

$

0.54

  ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

  June 30, 2026

December 31, 2025

Assets

Cash and cash equivalents

$

77,349

$

112,350

Accounts receivable, net

252,133

235,084

Contract assets, net

77,287

87,102

Inventories

146,158

121,589

Income taxes prepaid and receivable

41,191

43,937

Prepaid expenses and other current assets

40,402

34,990

Assets held for sale

306,722

293,783

Total current assets

$

941,242

$

928,835

Property, plant and equipment, net

467,424

482,568

Intangibles, net

19,667

21,428

Goodwill

160,552

162,507

Deferred income taxes

66,319

68,499

Other assets

56,161

54,872

Total assets

$

1,711,365

$

1,718,709

Liabilities and Shareholders' Equity

Accounts payable

$

75,075

$

64,499

Accrued liabilities

133,829

139,385

Income taxes payable

24,524

35,090

Liabilities held for sale

187,108

203,323

Total current liabilities

420,536

442,297

Long-term debt

450,669

455,663

Other noncurrent liabilities

85,983

86,850

Deferred income taxes

2,088

1,797

Total liabilities

959,276

986,607

Commitments and Contingencies

Shareholders' Equity:

Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 41,056,929 issued in 2026 and 40,989,106 in 2025

41

41

Additional paid in capital

464,148

460,472

Retained earnings

993,170

976,373

Accumulated items of other comprehensive income:

Translation adjustments

(121,743

)

(119,008

)

Pension and postretirement liability adjustments

(23,065

)

(23,911

)

Derivative valuation adjustment

131

(619

)

Treasury stock (Class A), at cost; 12,685,782 shares in 2026 and 12,685,782 in 2025

(566,993

)

(567,139

)

Total shareholders' equity

745,689

726,209

Noncontrolling interest

6,400

5,893

Total equity

752,089

732,102

Total liabilities and shareholders' equity

$

1,711,365

$

1,718,709

  ALBANY INTERNATIONAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

  Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$

33,153

$

26,681

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

32,853

40,085

Amortization

1,294

2,957

Change in deferred taxes

2,179

(2,761

)

Loss/(gain) on disposal of property, plant and equipment

324

(66

)

Non-cash interest expense

515

513

Compensation and benefits paid or payable in Class A Common Stock

5,009

3,654

Provision/(recovery) for credit losses from uncollected receivables and contract assets

(101

)

1,021

Foreign currency remeasurement loss/(gain) on intercompany loans

(3,788

)

7,171

Changes in operating assets and liabilities that provided/(used) cash:

Accounts receivable

(12,899

)

(4,490

)

Contract assets

(8,778

)

(15,329

)

Inventories

(22,912

)

(8,179

)

Prepaid expenses and other current assets

(5,195

)

(2,565

)

Income taxes prepaid and receivable

2,769

743

Accounts payable

14,488

26,878

Accrued liabilities

(23,259

)

(23,314

)

Income taxes payable

(11,034

)

(17,191

)

Noncurrent receivables

—

(201

)

Other noncurrent liabilities

288

(2,927

)

Other, net

(1,914

)

3,719

Net cash provided by operating activities

2,992

34,833

Cash flows from investing activities:

Purchases of property, plant and equipment

(21,170

)

(29,526

)

Purchased software

(12

)

(1,005

)

Proceeds received from sale of assets

—

3,243

Proceeds from sale of investment

1,660

—

Net cash used in investing activities

(19,522

)

(27,288

)

Cash flows from financing activities:

Proceeds from borrowings

83,000

171,995

Repayment of borrowings

(85,000

)

(58,046

)

Purchase of Treasury shares

—

(120,448

)

Taxes paid in lieu of share issuance

(1,333

)

(1,316

)

Dividends paid

(15,867

)

(16,693

)

Net cash used in financing activities

(19,200

)

(24,508

)

Effect of exchange rate changes on cash and cash equivalents

729

8,369

Decrease in cash and cash equivalents

(35,001

)

(8,594

)

Cash and cash equivalents at beginning of period

112,350

115,283

Cash and cash equivalents at end of period

$

77,349

$

106,689

Supplemental disclosure of cash flow information:

Cash paid for interest, net

$

12,451

$

10,710

Cash paid for income taxes

$

23,056

$

26,278

The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:

(in thousands, except percentages)

Net revenues as reported, Q2 2026

(Decrease)/ increase due to changes in currency translation rates

Q2 2026 revenues on same basis as Q2 2025 currency translation rates

Net revenues as reported, Q2 2025

% Change compared to Q2 2025, excluding currency rate effects

Machine Clothing

$

178,710

$

2,137

$

176,573

$

180,926

(2.4

)%

Albany Engineered Composites

150,772

1,824

148,948

130,473

14.2

%

Consolidated total

$

329,482

$

3,961

$

325,521

$

311,399

4.5

%

(in thousands, except percentages)

Net revenues as reported, YTD 2026

(Decrease)/ increase due to changes in currency translation rates

YTD 2026 revenues on same basis as 2025 currency translation rates

Net revenues as reported, YTD 2025

% Change compared to 2025, excluding currency rate effects

Machine Clothing

$

344,662

$

8,279

$

336,383

$

355,623

(5.4

)%

Albany Engineered Composites

296,153

4,959

291,194

244,550

19.1

%

Consolidated total

$

640,815

$

13,238

$

627,577

$

600,173

4.6

%

The following table presents Gross profit and Gross profit margin:

(in thousands, except percentages)

Gross profit,

Q2 2026

Gross profit margin, Q2 2026

Gross profit,

Q2 2025

Gross profit margin, Q2 2025

Machine Clothing

$

80,947

45.3

%

$

83,759

46.3

%

Albany Engineered Composites

26,954

17.9

%

13,748

10.5

%

Consolidated total

$

107,901

32.7

%

$

97,507

31.3

%

Reconciliation of Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods have been calculated as follows.

Three months ended June 30, 2026

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total Company

Net income/(loss) (GAAP)

$

34,705

$

11,429

$

(28,430

)

$

17,704

Interest expense/(income), net

—

—

6,068

6,068

Income tax expense

—

—

8,327

8,327

Depreciation and amortization expense

8,422

8,561

35

17,018

EBITDA (non-GAAP)

43,127

19,990

(14,000

)

49,117

Restructuring costs and other

6,389

—

1,584

7,973

Foreign currency revaluation (gains)/losses

503

175

(521

)

157

Strategic review and other transition expenses

20

109

739

868

Pre-tax loss/(income) attributable to noncontrolling interest

—

(289

)

—

(289

)

Adjusted EBITDA (non-GAAP)

$

50,039

$

19,985

$

(12,198

)

$

57,826

Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)

28.0

%

13.3

%

—

17.6

%

Three months ended June 30, 2025

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total Company

Net income/(loss) (GAAP)

$

37,702

$

(2,674

)

$

(25,696

)

$

9,332

Interest expense/(income), net

—

—

5,150

5,150

Income tax expense

—

—

4,254

4,254

Depreciation and amortization expense

7,973

13,455

323

21,751

EBITDA (non-GAAP)

45,675

10,781

(15,969

)

40,487

Restructuring costs and other

3,015

520

(918

)

2,617

Foreign currency revaluation (gains)/losses

3,467

21

5,449

8,937

Strategic review and other transition expenses

—

28

—

28

Pre-tax (income) attributable to noncontrolling interest

41

(228

)

—

(187

)

Adjusted EBITDA (non-GAAP)

$

52,198

$

11,122

$

(11,438

)

$

51,882

Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)

28.9

%

8.5

%

—

16.7

%

  Six months ended June 30, 2026

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total Company

Net income/(loss) (GAAP)

$

66,657

$

20,027

$

(53,531

)

$

33,153

Interest expense/(income), net

—

—

11,535

11,535

Income tax expense

—

—

15,977

15,977

Depreciation and amortization expense

16,724

17,350

73

34,147

EBITDA (non-GAAP)

83,381

37,377

(25,946

)

94,812

Restructuring costs and other

9,065

—

2,073

11,138

Foreign currency revaluation (gains)/losses

85

(41

)

(2,631

)

(2,587

)

Strategic review and other transition expenses

541

109

2,493

3,143

Pre-tax (income) attributable to noncontrolling interest

—

(520

)

—

(520

)

Adjusted EBITDA (non-GAAP)

$

93,072

$

36,925

$

(24,011

)

$

105,986

Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)

27.0

%

12.5

%

—

16.5

%

  Six months ended June 30, 2025

(in thousands)

Machine Clothing

Albany Engineered

Composites

Corporate expenses

and other

Total Company

Net income/(loss) (GAAP)

$

76,133

$

(1,058

)

$

(48,394

)

$

26,681

Interest expense/(income), net

—

—

8,805

8,805

Income tax expense

—

—

10,530

10,530

Depreciation and amortization expense

15,679

26,750

613

43,042

EBITDA (non-GAAP)

91,812

25,692

(28,446

)

89,058

Restructuring costs and other

4,617

1,688

(918

)

5,387

Foreign currency revaluation (gains)/losses

5,159

(144

)

8,508

13,523

Strategic review and other transition expenses

182

(412

)

40

(190

)

Pre-tax (income) attributable to noncontrolling interest

120

(299

)

—

(179

)

Adjusted EBITDA (non-GAAP)

$

101,890

$

26,525

$

(20,816

)

$

107,599

Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)

28.7

%

10.8

%

—

17.9

%

The following table presents the reconciliation of Machine Clothing's Adjusted EBITDA Margin to Adjusted EBITDA Margin excluding the effect of changes in currency translation rates, a non-GAAP measure:

(in thousands, except percentages)

As reported, Q2 2026

(Decrease)/ increase due to changes in currency translation rates

Q2 2026 on same basis as Q2 2025 currency translation rates

As reported, Q2 2025

Machine Clothing Net revenues

$

178,710

$

2,137

$

176,573

$

180,926

Machine Clothing Adjusted EBITDA (non-GAAP)

50,039

(1,112

)

51,151

52,198

Adjusted EBITDA Margin (Adjusted EBITDA divided by net revenues) (non-GAAP)

28.0

%

29.0

%

28.9

%

  Per share impact of the adjustments to earnings per share are as follows:

Three months ended June 30, 2026

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring costs and other

$

7,973

$

2,551

$

5,422

$

0.19

Foreign currency revaluation (gains)/losses

157

50

107

—

Strategic review and other transition expenses

868

278

590

0.02

Three months ended June 30, 2025

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring costs and other

$

2,617

$

845

$

1,772

$

0.06

Foreign currency revaluation (gains)/losses

8,937

2,887

6,050

0.20

Strategic review and other transition expenses

28

9

19

0.00

Six months ended June 30, 2026

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring costs and other

$

11,138

$

3,620

$

7,518

$

0.26

Foreign currency revaluation (gains)/losses

(2,587

)

(841

)

(1,746

)

(0.06

)

Strategic review and other transition expenses

3,143

1,021

2,122

0.07

Six months ended June 30, 2025

(in thousands, except per share amounts)

Pre tax

Amounts

Tax

Effect

After tax

Effect

Per share

Effect

Restructuring costs and other

$

5,387

$

1,740

$

3,647

$

0.12

Foreign currency revaluation (gains)/losses

13,523

4,368

9,155

0.30

Strategic review and other transition expenses

(190

)

(61

)

(129

)

(0.01

)

  The following table provides a reconciliation of Earnings per share attributable to the Company shareholders - Diluted (GAAP) to Adjusted earnings per share attributable to the Company shareholders - Diluted (non-GAAP):

Three months ended June 30,

Six months ended June 30,

Per share amounts (Diluted)

2026

2025

2026

2025

Earnings per share attributable to Company shareholders - Diluted (GAAP)

$

0.61

$

0.31

$

1.14

$

0.87

Adjustments, after tax:

Restructuring costs and other

0.19

0.06

0.26

0.12

Foreign currency revaluation (gains)/losses

—

0.20

(0.06

)

0.30

Strategic review and other transition expenses

0.02

—

0.07

(0.01

)

Adjusted earnings per share attributable to Company shareholders - Diluted (non-GAAP)

$

0.82

$

0.57

$

1.41

$

1.28

  The calculations of net debt are as follows:

(in thousands)

June 30, 2026

December 31, 2025

June 30, 2025

Long-term debt

450,669

455,663

444,686

Total debt

450,669

455,663

444,686

Cash and cash equivalents

77,349

112,350

106,689

Net debt (non-GAAP)

$

373,320

$

343,313

$

337,997

  Free cash flow is defined as GAAP "Net cash provided by operating activities" in a period less "Purchases of property, plant and equipment" and "Purchased software" in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow:

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net cash provided by operating activities

$

(2,651

)

$

32,714

$

2,992

$

34,833

Purchases of property, plant and equipment

(11,880

)

(13,929

)

(21,170

)

(29,526

)

Purchased software

(12

)

(1,005

)

(12

)

(1,005

)

Free cash flow

$

(14,543

)

$

17,780

$

(18,190

)

$

4,302

  About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.

Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Portsmouth, New Hampshire, operates 25 facilities in 12 countries, employs approximately 5,700 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Non-GAAP Measures

This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; adjusted net revenues; Adjusted Gross profit/(loss); Adjusted Operating income/(loss);EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; Adjusted Net Income; and Adjusted Diluted earnings per share (or Adjusted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.

Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These current year revenues converted at prior year rates are then compared to the U.S. dollar amount as reported in the prior period.

EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.

Adjusted Net Income is a supplemental measure of our performance that is not required by, or presented in accordance with U.S. GAAP. The company defines Adjusted Net Income to exclude costs related to the review of strategic alternatives for its structures assembly business, which could include a potential sale of that portion of the business. Such excluded adjustments to profitability to future contracts do not consist of items that are considered normal or recurring in the course of continued business operations.

The Company defines Adjusted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

The Company’s Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted EPS may not be comparable to similarly titled measures of other companies.

Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.

We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Forward-Looking Statements

This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during 2026 and in future years; expectations in 2026 and in future periods of revenues, Adjusted Net Revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Net Income, Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

More News From Albany International Corp.

, /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme parks and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2026.

Second Quarter 2026 Highlights

Attendance was 6.1 million guests, a decrease of approximately 0.2 million guests or 2.9% from the second quarter of 2025. Total revenue was $483.3 million, a decrease of $6.9 million or 1.4% from the second quarter of 2025. Net income was $63.3 million, a decrease of $16.8 million or 21.0% from the second quarter of 2025. Adjusted EBITDA[1] was $195.5 million, a decrease of $10.8 million or 5.2% from the second quarter of 2025. Total revenue per capita[2] increased 1.5% to $79.82 compared to the second quarter of 2025. Admission per capita[2] decreased 1.8% to $40.31 while in-park per capita spending[2] increased 5.1% to a record $39.51 compared to the second quarter of 2025. First Six Months 2026 Highlights

Attendance was 9.3 million guests, a decrease of approximately 0.3 million guests or 3.6% from the first six months of 2025. Total revenue was $761.6 million, a decrease of $15.5 million or 2.0% from the first six months of 2025. Net income was $29.2 million, a decrease of $34.8 million or 54.4% from the first six months of 2025. Adjusted EBITDA[1] was $253.4 million, a decrease of $20.3 million or 7.4% from the first six months of 2025. Total revenue per capita[2] increased 1.7% to $82.11 from the first six months of 2025. Admission per capita[2] decreased 1.4% to $42.21, while in-park per capita spending[2] increased 5.1% to a record $39.90 from the first six months of 2025. Other Highlights

In the second quarter, the Company repurchased approximately 3.3 million shares for an aggregate total of approximately $125 million.  For the first half of the year, the Company repurchased approximately 5.9 million shares (or 12.1% of total outstanding shares)[3] for an aggregate total of approximately $217.7 million. During the second quarter of 2026, the Company came to the aid of 331 animals in need in the wild. The total number of animals the Company has helped over its history is more than 43,000. "We are pleased with the continued progress we are making across certain initiatives. Results in the second quarter were impacted, as expected, by the shift in the timing of Easter (earlier holiday meant fewer holiday days in the second quarter compared to prior year quarter) and a continued decline in international visitation. Adjusting for these impacts, attendance would have been flat for the quarter." said Marc Swanson, CEO of United Parks & Resorts Inc.  "We delivered another quarter of growth in total revenue per capita, driven by continued strong in-park execution. During the quarter, we again grew in-park per capita spending to a record for the quarter."

"Looking ahead, we continue to see strength in our forward indicators for Discovery Cove and our group business with advanced bookings revenue for both up double-digits versus prior year.  We continued to repurchase shares in the second quarter buying approximately 3.3 million shares for nearly $125 million. These buybacks emphasize our strong cash flow generation, our longstanding commitment to returning excess cash to our shareholders and our belief that our shares are materially undervalued. While we faced first-half headwinds across international visitation, weather impacts and holiday shifts, we are fully focused on executing against our strategic priorities and driving growth in revenue, Adjusted EBITDA, and total shareholder value," continued Swanson.

"Our exciting summer event lineup continues for the next several weeks as we close out the season with Red, White & BBQ at SeaWorld Orlando and SeaWorld San Antonio, Summer Spectacular at SeaWorld San Diego, and Bier Fest Brews & BBQ at both Busch Gardens Tampa Bay and Busch Gardens Williamsburg. In September, we will kick off our award-winning Halloween events, which will run through October, followed by our Christmas celebrations in November and December. These seasonal offerings continue to resonate with our guests, and we're excited to introduce new intellectual property elements to our Howl O'Scream event, something we have done very little of historically but believe represents a significant opportunity for the business. This year, we have partnered with Sony Pictures to introduce popular horror films "I Know What You Did Last Summer", and "Anaconda" to our Halloween lineup at our SeaWorld and Busch Gardens parks respectively. Early forward booking ticket sales for our Howl O' Scream events are already running ahead of last year across our parks. I want to thank all of our ambassadors for their hard work and dedicated efforts to produce these events and deliver memorable guest experiences," concluded Swanson.

[1] This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"). See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financial measures calculated in accordance with GAAP.

[2] This earnings release includes key performance metrics such as total revenue per capita, admissions per capita and in-park per capita spending.  See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section for definitions and further details. 

[3] As of February 24, 2026.

Second Quarter 2026 Results

In the second quarter of 2026, the Company hosted approximately 6.1 million guests, generated total revenues of $483.3 million, net income of $63.3 million and Adjusted EBITDA of $195.5 million. Attendance decreased approximately 179,000 guests when compared to the second quarter of 2025. The decrease in attendance was primarily due to an unfavorable calendar shift including the timing of the Easter holiday and a decrease in international visitation compared to the same prior year quarter.

The decrease in total revenue of $6.9 million compared to the second quarter of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the same prior year quarter. In park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives compared to the same prior year quarter. Adjusted EBITDA was negatively impacted by a decrease in total revenue and an increase in operating expenses.

For the Three Months Ended June 30,

Change

2026

2025

%

(Unaudited, in millions, except per share and per capita amounts)

Total revenues

$

483.3

$

490.2

(1.4)

%

Net income

$

63.3

$

80.1

(21.0)

%

Net earnings per share, diluted

$

1.34

$

1.45

(7.6)

%

Adjusted EBITDA

$

195.5

$

206.3

(5.2)

%

Net cash provided by operating activities

$

170.0

$

181.2

(6.2)

%

Attendance

6.06

6.23

(2.9)

%

Total revenue per capita

$

79.82

$

78.64

1.5

%

Admission per capita

$

40.31

$

41.03

(1.8)

%

In-Park per capita spending

$

39.51

$

37.61

5.1

%

First Six Months 2026 Results

In the first six months of 2026, the Company hosted approximately 9.3 million guests, generated total revenues of $761.6 million, net income of $29.2 million and Adjusted EBITDA of $253.4 million. Attendance decreased approximately 350,000 guests when compared to the first six months of 2025. The decrease in attendance was primarily due to unfavorable weather conditions versus prior year, a decline in visitation from international markets, and the Easter holiday shift compared to the first six months of 2025.

The decrease in total revenue of $15.5 million compared to the first six months of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the first six months of 2025. In park per capita spending increased primarily due to penetration and the impact of pricing initiatives compared to the first six months of 2025. Adjusted EBITDA was negatively impacted by a decrease in total revenue.

For the Six Months Ended June 30,

Change

2026

2025

%

(Unaudited, in millions, except per share and per capita amounts)

Total revenues

$

761.6

$

777.2

(2.0)

%

Net income

$

29.2

$

64.0

(54.4)

%

Net earnings per share, diluted

$

0.60

$

1.15

(47.8)

%

Adjusted EBITDA

$

253.4

$

273.7

(7.4)

%

Net cash provided by operating activities

$

236.8

$

206.9

14.4

%

Attendance

9.28

9.63

(3.6)

%

Total revenue per capita

$

82.11

$

80.74

1.7

%

Admission per capita

$

42.21

$

42.79

(1.4)

%

In-Park per capita spending

$

39.90

$

37.95

5.1

%

Share Repurchases

In the second quarter, the Company repurchased approximately 3.3 million shares for an aggregate total of approximately $125 million.  For the first half of the year, the Company repurchased approximately 5.9 million shares (or 12.1% of total outstanding shares) for an aggregate total of approximately $217.7 million.

Rescue Efforts

In the second quarter of 2026, the Company came to the aid of 331 animals in need in the wild.  The total number of animals the Company has helped over its history is more than 43,000.

The Company is one of the largest marine animal rescue organizations in the world.  Working in partnership with state, local and federal agencies, the Company's rescue teams are on call 24 hours a day, seven days a week, 365 days a year. Consistent with its mission to protect animals and their ecosystems, rescue teams mobilize and often travel hundreds of miles to help ill, injured, orphaned or abandoned wild animals in need of the Company's expert care, with the goal of returning them to their natural habitat.

Conference Call

The Company will hold a conference call today, Tuesday, August 4, 2026, at 9 a.m. Eastern Time to discuss its second quarter and first six months of fiscal 2026 financial results. The conference call will be broadcast live on the Internet and the release and conference call can be accessed via the Company's website at www.UnitedParksInvestors.com.  For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on August 4, 2026, under the "Events & Presentations" tab of www.UnitedParksInvestors.com.  A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on August 4, 2026, through 11:59 p.m. Eastern Time on August 11, 2026, by dialing (800) 770-2030 from anywhere in the U.S. or Canada, or (609) 800-9909 from international locations and entering the conference code 5841517.

Statement Regarding Non-GAAP Financial Measures

This earnings release and accompanying financial statement tables include several non-GAAP financial measures, including Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow are not recognized terms under GAAP, should not be considered in isolation or as a substitute for a measure of financial performance or liquidity prepared in accordance with GAAP and are not indicative of net income or loss or net cash provided by operating activities as determined under GAAP.

Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation.

Management believes the presentation of Adjusted EBITDA is appropriate as it eliminates the effect of certain non-cash and other items not necessarily indicative of the Company's underlying operating performance. Management uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA-related measures in the Company's industry, along with other measures, to estimate the value of a company, to make informed investment decisions and to evaluate companies in the industry.

Management believes the presentation of Covenant Adjusted EBITDA for the last twelve months is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain financial covenants in the Company's credit agreement governing its Senior Secured Credit Facilities and the indentures governing its Senior Notes and First-Priority Senior Secured Notes (collectively, the "Debt Agreements"). Covenant Adjusted EBITDA is a material component of these covenants.

Management believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a liquidity measure. The Company uses Free Cash Flow to evaluate its ability to generate cash flow from business operations. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures, as it excludes certain expenditures such as mandatory debt service requirements, which are significant. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP. Free Cash Flow as defined above may differ from similarly titled measures presented by other companies.

This earnings release includes several key performance metrics including total revenue per capita (defined as total revenue divided by attendance), admission per capita (defined as admissions revenue divided by attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by attendance). These performance metrics are used by management to assess the operating performance of its parks on a per attendee basis and to make strategic operating decisions. Management believes the presentation of these performance metrics is useful and relevant for investors as it provides investors the ability to review financial performance in the same manner as management and provides investors with a consistent methodology to analyze revenue between periods on a per attendee basis. In addition, investors, lenders, financial analysts and rating agencies have historically used similar per-capita related performance metrics to evaluate companies in the industry.

About United Parks & Resorts Inc.

United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company that owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country USA, Adventure Island, and Aquatica®. The Company's seven world-class brands span 13 parks in seven markets across the United States and Abu Dhabi, offering experiences that matter with exhilarating thrill and family-friendly rides, coasters, and experiences, inspiring up-close and educational presentations with wildlife, and other various special events throughout the year. In addition, the Company collectively cares for one of the largest zoological collections in the world, is a global leader in animal welfare, training, and veterinary care, and is one of the leading marine animal rescue organizations in the world with a legacy of rescuing and caring for animals that spans over 60 years, including coming to the aid of over 43,000 animals in need. To learn more, visit www.UnitedParks.com.

Copies of this and other news releases as well as additional information about United Parks & Resorts Inc. can be obtained online at www.unitedparks.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website.

Forward-Looking Statements

In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond our control adversely affecting attendance and guest spending at our theme parks, including, but not limited to, weather, natural disasters, labor shortages, inflationary pressures, supply chain delays or shortages, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, adverse general economic related factors including increasing interest rates, economic uncertainty, and recent geopolitical events outside of the United States, and governmental actions; failure to retain and/or hire employees; a decline in discretionary consumer spending or consumer confidence, including any unfavorable impacts from Federal Reserve interest rate actions and inflation which may influence discretionary spending, unemployment or the overall economy; the ability of Hill Path Capital LP and its affiliates to significantly influence our decisions and their interests may conflict with ours or yours in the future; increased labor costs, including minimum wage increases, and employee health and welfare benefit costs; complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts; activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, guests and/or regulators, bring action in the courts or create negative publicity about us; incidents or adverse publicity concerning our theme parks, the theme park industry and/or zoological facilities; a significant portion of our revenues have historically been generated in the States of Florida, California and Virginia, and any risks affecting such markets, such as natural disasters, closures due to pandemics, severe weather and travel-related disruptions or incidents; technology interruptions or failures that impair access to our websites and/or information technology systems; cyber security risks to us or our third-party service providers, failure to maintain or protect the integrity of internal, employee or guest data, and/or failure to abide by the evolving cyber security regulatory environment; inability to compete effectively in the highly competitive theme park industry; interactions between animals and our employees and our guests at attractions at our theme parks;  animal exposure to infectious disease; high fixed cost structure of theme park operations; seasonal fluctuations in operating results; changing consumer tastes and preferences; adverse litigation judgments or settlements; inability to grow our business or fund theme park capital expenditures; inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities; the effects of public health events on our business and the economy in general; unionization activities and/or labor disputes; inability to protect our intellectual property or the infringement on intellectual property rights of others; the loss of licenses and permits required to exhibit animals or the violation of laws and regulations; inability to maintain certain commercial licenses; restrictions in our debt agreements limiting flexibility in operating our business; inability to retain our current credit ratings; our leverage and interest rate risk; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions, construction delays or impacts of supply chain disruptions on existing or new rides and attractions; tariffs or other trade restrictions; environmental regulations, expenditures and liabilities; suspension or termination of any of our business licenses, including by legislation at federal, state or local levels; delays, restrictions or inability to obtain or maintain permits; inability to remediate an identified material weakness; financial distress of strategic partners or other counterparties; actions of activist stockholders; the policies of the U.S. President and their administration or any changes to tax laws; changes or declines in our stock price, as well as the risk that securities analysts could downgrade our stock or our sector; risks associated with the Company's capital allocation plans and share repurchases, including the risk that the Company's share repurchase program could increase volatility and fail to enhance stockholder value, uncertainties and factors set forth in the section entitled "Risk Factors" in the Company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company's periodic filings with the Securities and Exchange Commission ("SEC"). Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.unitedparksinvestors.com).

CONTACT:

Investor Relations:
Matthew Stroud
Investor Relations
888-410-1812
[email protected]

Media:
AnneMarie Iturrizaga
United Parks & Resorts Inc.
[email protected]

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

For the Three Months Ended

June 30,

Change

For the Six Months Ended

June 30,

Change

2026

2025

#

%

2026

2025

$

%

Net revenues:

Admissions

$

244,081

$

255,740

$

(11,659)

(4.6)

%

$

391,584

$

411,855

$

(20,271)

(4.9)

%

Food, merchandise and other

239,239

234,472

4,767

2.0

%

370,030

365,306

4,724

1.3

%

Total revenues

483,320

490,212

(6,892)

(1.4)

%

761,614

777,161

(15,547)

(2.0)

%

Costs and expenses:

Cost of food, merchandise and
other revenues

38,065

37,173

892

2.4

%

59,712

60,132

(420)

(0.7)

%

Operating expenses (exclusive
of depreciation and amortization
shown separately below)

215,723

204,789

10,934

5.3

%

386,965

366,059

20,906

5.7

%

Selling, general and
administrative expenses

66,591

64,402

2,189

3.4

%

114,659

108,539

6,120

5.6

%

Severance and other separation
costs(a)

45

408

(363)

(89.0)

%

808

408

400

98.0

%

Depreciation and amortization

45,786

42,974

2,812

6.5

%

90,853

84,669

6,184

7.3

%

Total costs and expenses

366,210

349,746

16,464

4.7

%

652,997

619,807

33,190

5.4

%

Operating income

117,110

140,466

(23,356)

(16.6)

%

108,617

157,354

(48,737)

(31.0)

%

Other expenses (income), net

17

216

(199)

(92.1)

%

(217)

193

(410)

NM

Interest expense

32,394

33,951

(1,557)

(4.6)

%

64,129

68,058

(3,929)

(5.8)

%

Income before income taxes

84,699

106,299

(21,600)

(20.3)

%

44,705

89,103

(44,398)

(49.8)

%

Provision for income taxes

21,430

26,191

(4,761)

(18.2)

%

15,504

25,128

(9,624)

(38.3)

%

Net income

$

63,269

$

80,108

$

(16,839)

(21.0)

%

$

29,201

$

63,975

$

(34,774)

(54.4)

%

Earnings per share

Earnings per share, basic

$

1.36

$

1.46

$

0.61

$

1.16

Earnings per share, diluted

$

1.34

$

1.45

$

0.60

$

1.15

Weighted average common
shares outstanding:

Basic

46,674

54,991

48,040

55,005

Diluted (b)

47,168

55,411

48,525

55,436

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

For the Three Months Ended

June 30,

Change

For the Six Months

Ended June 30,

Change

Last Twelve

Months Ended

June 30,

2026

2025

#

%

2026

2025

$

%

2026

Net income

$

63,269

$

80,108

$

(16,839)

(21.0)

%

$

29,201

$

63,975

$

(34,774)

(54.4)

%

$

133,579

Provision for
income taxes

21,430

26,191

(4,761)

(18.2)

%

15,504

25,128

(9,624)

(38.3)

%

48,560

Interest expense

32,394

33,951

(1,557)

(4.6)

%

64,129

68,058

(3,929)

(5.8)

%

130,211

Depreciation and
amortization

45,786

42,974

2,812

6.5

%

90,853

84,669

6,184

7.3

%

180,658

Equity-based
compensation
expense (c)

4,927

4,043

884

21.9

%

10,345

8,376

1,969

23.5

%

19,734

Loss on
impairment or
disposal of assets
and certain non-
cash expenses(d)

7,790

12,117

(4,327)

(35.7)

%

13,454

13,208

246

1.9

%

29,253

Business
optimization,
development and
strategic initiative
costs (e)

10,111

3,045

7,066

NM

16,858

4,309

12,549

NM

27,667

Certain
investment costs
and other taxes

103

222

(119)

(53.6)

%

155

225

(70)

(31.1)

%

1,856

Other adjusting
items (f)

9,663

3,614

6,049

167.4

%

12,924

5,757

7,167

124.5

%

13,342

Adjusted
EBITDA (g)

$

195,473

$

206,265

$

(10,792)

(5.2)

%

$

253,423

$

273,705

$

(20,282)

(7.4)

%

$

584,860

Items added back
to Covenant
Adjusted EBITDA
as defined in the
Debt Agreements:

Estimated cost
savings (h)

40,000

Other adjustments
as defined in the
Debt Agreements
(i)

12,017

Covenant
Adjusted EBITDA (j)

$

636,877

For the Three Months

Ended June 30,

Change

For the Six Months

Ended June 30,

Change

2026

2025

#

%

2026

2025

#

%

Net cash provided by operating activities

$

170,004

$

181,196

$

(11,192)

(6.2)

%

$

236,802

$

206,911

$

29,891

14.4

%

Capital expenditures

68,551

53,561

14,990

28.0

%

138,183

110,464

27,719

25.1

%

Free Cash Flow (k)

$

101,453

$

127,635

$

(26,182)

(20.5)

%

$

98,619

$

96,447

$

2,172

2.3

%

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED BALANCE SHEET DATA

(In thousands)

As of June 30,

2026

As of December

31, 2025

Cash and cash equivalents

$

19,076

$

99,762

Total assets

$

2,641,480

$

2,616,274

Deferred revenue

$

211,896

$

143,325

Long-term debt, including current maturities:

Term B-3 Loans

$

1,515,307

$

1,523,019

Revolving Credit Facility

50,000

—

Senior Notes

725,000

725,000

Total long-term debt, including current maturities

$

2,290,307

$

2,248,019

Total stockholders' deficit

$

(617,021)

$

(435,806)

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES DATA

(In thousands)

For the Six Months Ended

June 30,

Change

2026

2025

#

%

Capital Expenditures:

Core(l)

$

127,966

$

97,997

$

29,969

30.6

%

Expansion/ROI projects(m)

10,217

12,467

(2,250)

(18.0)

%

Capital expenditures, total

$

138,183

$

110,464

$

27,719

25.1

%

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED OTHER DATA

(In thousands, except per capita amounts)

For the Three Months Ended June 30,

Change

For the Six Months Ended June 30,

Change

2026

2025

#

%

2026

2025

#

%

Attendance

6,055

6,234

(179)

(2.9)

%

9,275

9,625

(350)

(3.6)

%

Total revenue per capita (n)

$

79.82

$

78.64

$

1.18

1.5

%

$

82.11

$

80.74

$

1.37

1.7

%

Admission per capita (o)

$

40.31

$

41.03

$

(0.72)

(1.8)

%

$

42.21

$

42.79

$

(0.58)

(1.4)

%

In-Park per capita spending (p)

$

39.51

$

37.61

$

1.90

5.1

%

$

39.90

$

37.95

$

1.95

5.1

%

NM-Not meaningful.

(a) Reflects restructuring and other separation costs and/or adjustments.

(b) During the three and six months ended June 30, 2026, there were approximately 780 thousand and 837 thousand anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and six months ended June 30, 2025, there were approximately 686 thousand and 671 thousand anti-dilutive shares excluded from the computation of diluted earnings per share, respectively.

(c) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. 

(d) Reflects primarily non-cash self-insurance reserve adjustments of: (i) approximately $4.6 million and $8.3 million, respectively, for the three and six months ended June 30, 2026; (ii) approximately $9.6 million for the three and six months ended June 30, 2025; and (iii) approximately $16.2 million for the twelve months ended June 30, 2026. Also includes non-cash expenses related to asset write-offs and costs related to certain rides and equipment which were removed from service.

(e) For the three, six, and twelve months ended June 30, 2026, reflects business optimization, development and other strategic initiative costs primarily related to: (i) $8.8 million, $14.4 million, and $23.0 million, respectively, of other business optimization costs and strategic initiative costs and (ii) $1.3 million, $1.6 million, and $2.5 million, respectively, of third-party consulting costs. Reflects business optimization, development and other strategic initiative costs primarily related to: (i) $1.5 million and $3.0 million of third-party consulting costs for the three and six months ended June 30, 2025, respectively, and (ii) $2.2 million and $4.0 million of other business optimization costs and strategic initiative costs for the three and six months ended June 30, 2025, respectively.

(f) Reflects the impact of expenses, net of insurance recoveries and adjustments including legal settlements, incurred primarily related to certain matters, which we are permitted to exclude under the credit agreement governing our Senior Secured Credit Facilities due to the unusual nature of the items. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.

(g) Adjusted EBITDA is defined as net income before income tax expense, interest expense, depreciation and amortization, as further adjusted to exclude certain non-cash, and other items as described above. 

(h) The Company's Debt Agreements permit the calculation of certain covenants to be based on Covenant Adjusted EBITDA, as defined above, for the last twelve month period further adjusted for net annualized estimated savings the Company expects to realize over the following 24 month period related to certain specified actions, including restructurings and cost savings initiatives.  These estimated savings are calculated net of the amount of actual benefits realized during such period. These estimated savings are a non-GAAP Adjusted EBITDA add-back item only as defined in the Debt Agreements and does not impact the Company's reported GAAP net income.

(i) The Debt Agreements permit the Company's calculation of certain covenants to be based on Covenant Adjusted EBITDA as defined above, for the last twelve-month period further adjusted for certain costs as permitted by the Debt Agreements including recruiting and retention expenses, public company compliance costs and litigation and arbitration costs, if any. 

(j) Covenant Adjusted EBITDA is defined in the Debt Agreements as Adjusted EBITDA for the last twelve-month period further adjusted for net annualized estimated savings among other adjustments as described in footnote (h) and (i) above.

(k) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures.

(l) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. 

(m) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment ("ROI") projects.

(n) Calculated as total revenues divided by attendance.

(o) Calculated as admissions revenue divided by attendance.

(p) Calculated as food, merchandise and other revenue divided by attendance.

SOURCE United Parks and Resorts Inc.