Enlight’s 2026 Growth Hinges on 2.6 Gigawatts in Construction

Date of Call: Feb 17, 2026

Financials Results

• Revenue: $152 million for Q4, up 46% YOY; $582 million for full year 2025, up 46% YOY

Guidance:

• Revenue and income for 2026 expected between $755M and $785M, reflecting 32% annual growth at midpoint.
• Adjusted EBITDA for 2026 expected between $545M and $565M, reflecting 27% annual growth at midpoint.
• 90% of 2026 generation output expected to be sold at fixed prices.
• Revenues and income include estimated $160M-$180M in U.S. tax benefit income.

Business Commentary:

Record Revenue and EBITDA Growth:

• Enlight Renewable Energy reported a 46% year-over-year increase in revenue for Q4 2025, reaching $152 million, and a 51% increase in adjusted EBITDA to $99 million.
• The growth was driven by strong performance in delivering large-scale renewable energy and storage projects, particularly in the U.S., Europe, and Israel, reflecting best-in-class execution and a favorable environment for the energy sector.

Portfolio Expansion and Project Execution:

• The company's total portfolio expanded by 26% in 2025, reaching 38 factored gigawatts, with the mature portfolio growing by 33% to 11.4 factored gigawatts.
• This expansion was supported by significant advancements in projects across all stages, including the achievement of COD for major U.S. projects like Quail Ranch and Roadrunner, and the initiation of construction on projects totaling 2.6 factored gigawatts over the past year.

Storage and U.S. Market Focus:

• Enlight's mature storage portfolio globally increased to 17.5 gigawatt hour, representing a 50% increase from the previous quarter, with notable expansion in Europe and Israel.
• The growth in storage capacity is attributed to the recognition of market opportunities, especially in the U.S. where data center electricity consumption is expected to triple, driving demand for scalable and cost-effective clean energy solutions.

Financial Flexibility and Funding:

• Enlight secured significant funding, including $2.9 billion in project finance, $470 million in tax equity, and $350 million in mezzanine loans at the project level, and raised $4.3 billion since the beginning of 2025.
• This financial underpinning supports the company's ambitious expansion plans, particularly in the U.S., and provides the necessary flexibility to continue delivering on its growth strategy.

Sentiment Analysis:

Overall Tone: Positive

• "2025 was another record year for Enlight... Our results reflect best-in-class execution... The fourth quarter capped an exceptional year." "We delivered a strong finish to 2025. Exceeding guidance by growing revenues and EBITDA meaningfully... We are positioned for a record construction year in 2026 and remain on track to reach 12 to 13 factored gigawatt of operating capacity by 2028 at attractive returns."

Q&A:

• Question from Justin Clare (ROTH Capital Partners): Could you walk through the drivers of the increase in the 2028 revenue run rate outlook? How much was attributable to the Jupiter project acquisition? How should we think about the potential role of acquisitions in accelerating 2028 growth or beyond?
  Response: The Jupiter project contributed $150M to the increased 2028 run rate. CO Bar 4 and 5 moved into preconstruction, increasing certainty. Acquisitions, like Jupiter, are pursued for market entry when they do not come at the expense of returns (e.g., Jupiter has 15% unlevered returns).

• Question from Justin Clare (ROTH Capital Partners): Can you discuss the potential to safe harbor additional capacity beyond the 14-17 factored gigawatt target range? What constraints exist?
  Response: Management plans to safe harbor 0.5 to 3.5 factored gigawatts in H1 2026. Safe harboring of battery storage projects remains available for 3 more years. The 14-17 factored gigawatt range is confident and provides a broad base for future projects.

• Question from Mark W. Strouse (JPMorgan Chase & Co): Given the stock outperformance, how do you think about the potential for platform acquisitions to expand capabilities or geographic reach?
  Response: Management has the flexibility and funding to consider acquisitions of projects, platforms, or even broader capabilities, approaching opportunities with care for growth and shareholder value.

• Question from Maheep Mandloi (Mizuho Securities USA LLC): Has the recent FEOC guidance changed anything for safe harbor in the next few months?
  Response: The recent FEOC clarifications are in line with previous estimates and do not impact current mature portfolio estimations or projects safe harbored in 2025. No significant impact is expected for projects safe harbored through mid-2026.

• Question from Maheep Mandloi (Mizuho Securities USA LLC): Does the approximately $1 billion of cash on hand fund projects through 2028? What are the equity needs for 2028 and beyond?
  Response: All necessary funding sources are available to execute the growth plan through 2028. Almost all of the mature portfolio will be generating income or under construction in 2026, with corporate-level funding secured.

• Question from Michael Mcnulty (Deutsche Bank AG): What are expectations for partial asset sales in 2026? What would need to happen for that to occur?
  Response: Partials sales or sell-downs are part of the ordinary strategy when accretive. The company has flexibility and will consider transactions like the Sunlight cluster sale, while gradually increasing the weighted average holding in the portfolio.

• Question from Michael Mcnulty (Deutsche Bank AG): Given that 2026 expansion is weighted to the latter half, what are the key drivers of growth within guidance?
  Response: Growth is driven by newly commissioned U.S. projects (Quail Ranch, Roadrunner) having their first full year of revenues in 2026, along with projects in Israel (e.g., Bar-On) and Europe coming online, providing diversification across geographies and technologies.

Contradiction Point 1

Safe-Harboring Capacity and Future Growth

Contradiction on the future capacity and strategy for safe-harboring additional projects.

What were the key takeaways from the recent earnings report? - Justin Clare (ROTH Capital Partners, LLC)

2025Q4: The company plans to safe-harbored an additional **0.5–3.5 factored gigawatts** in the first half of 2026. After that, safe-harboring for solar PV projects will be **capped**, but **energy storage projects** can continue to be safe-harbored for 3 more years. - [Adi Leviatan](CEO)

What is the potential to safe-harbored capacity beyond the 14–17 GW target range, given 13.2 GW currently safe-harbored and 4.3 GW added in the last 3 months, and are limitations project pipeline, equipment access, or interconnection progress? - Justin Clare (ROTH Capital Partners, LLC)

2025Q3: The strategy is project-specific, using a combination of these approaches. Confidence is based on having a large, diversified project pipeline and the ability to prioritize and execute despite potential interconnection or permitting hurdles. - [Jared McKee](CEO of Clenera)

Contradiction Point 2

Growth Trajectory and Revenue Target

Conflicting statements on the company's growth strategy and revenue target timeline.

What are your expectations for the next quarter? - Justin Clare (ROTH Capital Partners, LLC)

2025Q4: The acquisition of Project Jupiter in Germany contributed **$150 million** to the increase in the 2028 revenue run rate. - [Adi Leviatan](CEO)

What are the drivers behind the increased 2028 annualized revenue and income run rate, how much of this is attributed to the Jupiter project acquisition, and what role do acquisitions play in your growth strategy, including their potential to accelerate growth beyond 2028? - Maheep Mandloi (Mizuho Securities USA LLC)

2025Q3: The strategy remains unchanged—diversification across geographies and technologies, and disciplined execution. The company expects to continue tripling revenues every three years (40% growth)... - [Adi Leviatan](CEO)

Contradiction Point 3

Project Acceleration Timeline (CO Bar)

Statements on accelerating the CO Bar project's completion date conflict.

What is Michael McNulty's question? - Michael McNulty (Deutsche Bank AG)

2025Q4: The growth drivers... include U.S. projects commissioned in Q4 2025... having their first full year of revenue in 2026. - [Adi Leviatan](CEO)

What are the key drivers of growth in your 2026 guidance, given the expansion is weighted to Q4? - Justin Clare (ROTH MKM)

2023Q3: The delay is due to a procedural cluster process... While discussions are ongoing... it is unlikely to move back to 2025. The current timeline points to a comfortable completion in 2026. - [Jason Ellsworth](CEO of Clenera)

Contradiction Point 4

Capital Recycling and Sell-Down Strategy

The role of minority sell-downs in funding and project timelines appears inconsistent.

Michael McNulty (Deutsche Bank AG), what are your thoughts on the earnings report? - Michael McNulty (Deutsche Bank AG)

2025Q4: Minority sales or sell-downs of projects are part of the company's ongoing strategy... They will be considered when accretive... - [Itay Banayan](CCO)

What are your expectations for 2026 asset sales, including the Sunlight cluster, and what conditions would enable such transactions, if anything is embedded in guidance? - Justin Clare (ROTH MKM)

2023Q3: No project timelines are dependent on sell-downs. The company is fully funded with existing equity to construct its material pipeline... A key strategy for 2024 is to perform minority sell-downs to recycle equity... - [Gilad Yavetz](CEO)

Contradiction Point 5

Safe-Harboring Project Capacity and Timeline

Contradiction on the total safe-harbored capacity target and the timeline for achieving it.

What are your thoughts on recent market trends? - Justin Clare (ROTH Capital Partners, LLC)

2025Q4: The company plans to safe-harbored an additional **0.5–3.5 factored gigawatts** in the first half of 2026. After that, safe-harboring for solar PV projects will be capped... - [Adi Leviatan](CEO)

What is the potential to safe-harbor additional capacity beyond the 14–17 factored gigawatt target range, with 13.2 GW currently safe-harbored and 4.3 GW added in the last 3 months? - Justin Lars Clare (ROTH Capital Partners, LLC)

2025Q2: Currently, **6 GW of projects are fully safe-harbored**, covering most of the planned **6.5–8 GW to be connected by end of 2027**... The pace is high, and the company expects to have more than anticipated eligible projects by end of June 2026... - [Gilad Yavetz](CEO)