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Sep 30
Enlight Q3 2025 Earnings Report
Enlight reported strong revenue and profit growth in Q3 2025, driven by new operational projects and increased tax benefits.
Key Takeaways
Enlight Renewable Energy delivered a robust Q3 2025 with $165M in revenue and a net income of $32M. Growth was fueled by increased energy sales and tax benefit recognition, with Adjusted EBITDA reaching $112M.
Revenue for Q3 2025 rose to $165M, driven by new operational projects including Atrisco (US), Israeli projects, and Pupin (Serbia).
Net Income increased to $32M, supported by project additions and refinancing of Gecama wind project.
Adjusted EBITDA reached $112M, growing 23% YoY despite increased costs from new operations.
Cash flow from operating activities was strong at $71M, showing continued cash generation capacity.
Enlight
Enlight
Enlight Revenue by Segment
Enlight Revenue by Geographic Location
Revenue by Segment
MENA Revenue
CapyFin.comEurope Revenue
CapyFin.comUSA Revenue
CapyFin.comOthers Revenue
CapyFin.comRevenue by Geographic Location
Israel Revenue
CapyFin.comEurope Revenue
CapyFin.comUnited States Revenue
CapyFin.com Forward Guidance
Enlight raised its FY2025 guidance, reflecting confidence in its operating momentum and project execution.
Positive Outlook
- Revenue guidance raised to $555–565M (previously $520–535M)
- Adjusted EBITDA guidance raised to $405–415M (previously $385–400M)
- 90% of 2025 electricity volumes are secured with fixed-price PPAs or hedges
- Robust project pipeline to support further revenue expansion
- Strong project finance and tax equity secured for U.S. projects
Challenges Ahead
- Rising operating expenses due to new project onboarding
- Decline in other income partially offsetting net income growth
- Dependence on U.S. tax credits and regulation for revenue contribution
- Exposure to turbine performance issues (e.g., Björnberget project)
- Free cash flow impacted by large capex and project investments