Enlight Q2 revenue rises 53%, net income falls 41%

Overview

• Enlight Q2 revenue rises 53% yr/yr to $135 mln, driven by new projects
• Net income falls 41% to $6 mln, impacted by foreign exchange on loan
• Co raises full-year revenue and EBITDA guidance

Outlook

• Enlight raises 2025 revenue guidance to $520-535 mln
• Company increases 2025 Adjusted EBITDA guidance to $385-400 mln
• Enlight sees favorable conditions for solar and storage growth
• Company expects annual revenue run rate of $1.9-2.2 bln by 2028

Result Drivers

• NEW PROJECTS - Revenue growth driven by new projects including Atrisco in the U.S. and Israel Solar and Storage Cluster, contributing $30 mln to electricity sales
• TAX BENEFITS - Income from tax benefits rose sharply, contributing $19 mln to total revenues and income, driven by initial commissioning of Atrisco
• FOREIGN EXCHANGE IMPACT - Net income affected by $12 mln non-cash accounting reduction due to foreign exchange differentials on a subsidiary loan

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
• Wall Street's median 12-month price target for Enlight Renewable Energy Ltd is $22.00, about 5.3% below its August 5 closing price of $23.16