• Revenue: Increased by 39% year-over-year to $130 million.

• Adjusted EBITDA: Grew by 84% to $132 million.

• Net Income: Rose to $102 million, a 316% increase year-over-year.

• Sunlight Transaction: Added $42 million to adjusted EBITDA and $97 million to pretax profit.

• Electricity Sales Revenue: Increased by 21% to $110 million.

• Income from Tax Benefit: Recognized $20 million compared to $3 million in the previous year.

• New Projects Contribution: Added $30 million to revenues from electricity sales.

• Financing Raised: Total of $1.8 billion in financing secured for expansion plans.

• 2025 Guidance: Revenue and income expected between $490 million and $510 million; adjusted EBITDA between $360 million and $380 million.

• Warning! GuruFocus has detected 6 Warning Signs with ENLT.

Release Date: May 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Revenue and income grew by 39% year-over-year, reaching $130 million.

• Adjusted EBITDA increased by 84% to $132 million, supporting full-year guidance.

• Successful financial close for major projects, raising $1.5 billion in financing at favorable terms.

• Strong progress in US projects with 820 megawatts of generation capacity expected by end of 2026.

• Diversified supply chain strategy mitigates impact of US trade tariffs, ensuring project economics remain stable.

• Lower electricity volumes generated at European wind projects due to weaker wind conditions.

• Blade failure at Bjornbeget project in Sweden resulted in reduced generation volumes.

• Higher operating expenses of $70 million and net financial expenses of $10 million impacted net income.

• 20% of battery storage sourced from China, posing potential tariff risks despite mitigation strategies.

• Uncertainty in US trade policies and tariffs could impact future project costs and returns.

Q: Can you discuss the potential for PPA negotiations and how they might affect project returns? A: Gilad Yavetz, CEO, explained that the impact of changing tariffs in the US is minor due to their supply chain strategy. They do not foresee changes in their forecast or guidance for 2025 and are optimistic about potentially uplifting guidance during the year.

Q: Are negotiations with suppliers ongoing, and how would contracts adjust if tariffs change? A: Gilad Yavetz noted that while some contracts have automatic adjustments, others are negotiated. The current impact of tariffs is minor, and their diversified supply chain strategy has proven effective. They are prepared for future policy changes.