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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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