Enlight Renewable Energy Reports Q2 2026 Results: Full Earnings Call Transcript

Enlight Renewable Energy (NASDAQ: ENLT ) held its second-quarter earnings conference call on Tuesday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary Enlight Renewable Energy reported a 55% increase in revenues to $210 million and a 67% rise in adjusted EBITDA for Q2 2026, highlighting strong project execution and financial performance.

The company raised its 2026 annual guidance, increasing revenue and adjusted EBITDA projections due to strong first-half results and favorable electricity prices in Europe and Israel.

Key strategic initiatives include the completion of a $2.6 billion financing for the Cobar complex in Arizona, a PPA agreement with Google for the Solstice project, and expansion into new markets in Europe with storage projects in Finland and Romania.

Operational highlights include a 6% increase in the mature component of the project portfolio and securing safe harbor status for 17.9 gigawatts of capacity, demonstrating growth and positioning for future tax benefits.

Management emphasized a robust financial position with $877 million in cash and significant liquidity, supporting ongoing growth and project development.

Full Transcript OPERATOR I would like to draw participants' attention to the following: certain statements made on the call today, including but not limited to statements regarding business strategy and plans, our project portfolio, 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, expected impact from various regulatory developments, completion of development, the potential impact of the current conflicts in the Middle East on our operations and financial condition and company actions designed to mitigate such impact, and the Company's future financial and operational results and guidance including revenue and adjusted EBITDA, are forward-looking statements within the meaning of U.S. federal securities laws, which reflect management's best judgment based on currently available information.

We reference certain project metrics in this earnings call, and additional information about such metrics can be found in our earnings release.

These statements involve risks and uncertainties that may cause actual results to differ from our expectations.

Please refer to the 2025 Annual Report filed with the SEC on March 30, 2026 and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.

Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

Additionally, non-IFRS financial measures may be discussed on the call.

These non-IFRS measures should be considered in addition to, and not as a substitute for or in isolation from, our results prepared in accordance with IFRS.

Reconciliations to the most directly comparable IFRS financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations webpage.

With me this morning are Gilad Yavetz, Chief Executive Officer of Enlight Renewable Energy, Nir Yehuda, Chief Financial Officer of Enlight Renewable Energy, and Jared McKee, Chief Executive Officer of Clēnera.

Adi will begin with an overview of our performance and key milestones achieved during the quarter, followed by Nir, who will review our financial results for the second quarter.

Jared will then provide an update on our U.S. operations and business activities.

Our prepared remarks will be accompanied by a presentation.

To follow along, please access the webcast or visit enlightenergy.com data financial reports.

Following the prepared remarks, we will open the call for a question and answer session.

I will now turn the call over to Gilad Yavetz, CEO of Enlight Renewable Energy.

Gilad Yavetz, CEO Good morning and good afternoon everyone, and thank you for joining us today to discuss Enlight Renewable Energy's second quarter 2026 results.

The second quarter marked another period of strong execution for Enlight Renewable Energy, underscoring the resilience of our global platform, the quality of our portfolio, and our consistent ability to deliver our business plan.

That execution translated into record financial performance.

Revenues and income increased by 55%, adjusted EBITDA grew by 67%, net profit reached $31 million, and operating cash flow rose by 34% year over year to $84 million.

These results demonstrate our ability to convert our project development portfolio into operating assets, growing earnings and driving cash generation.

The market environment around us continues to evolve rapidly.

Electricity demand is accelerating, driven by the rise of artificial intelligence, unprecedented digital infrastructure buildout alongside additional electrification in industry and transportation.

We believe this is a long-term infrastructure growth story and that the need for reliable, scalable, and cost-effective clean power has never been greater.

Against this backdrop, Enlight Renewable Energy's diversified platform, disciplined execution, and capital allocation provide resilience and position us to meet the growing demand.

Based on the strength of our results year to date and our updated outlook for the remainder of the year, we are raising our 2026 annual guidance.

We are raising both revenues and income and adjusted EBITDA guidance by 4.5% and 3.6% at the midpoint to $805 million and $575 million respectively.

The increase in guidance reflects the strong first half res