Enlight Renewable Energy (ENLT)·Q3 2025 Earnings Summary
Enlight Renewable Energy Q3 2025 Earnings
Executive Summary
Enlight Renewable Energy (ENLT) delivered a strong Q3 2025, marked by new CEO Adi Leviatan's first earnings call. The company posted $165M in revenue (+46.7% YoY) and $112M Adjusted EBITDA (+23% YoY), with net income rising 33% to $32M . The company raised full-year 2025 guidance by 6% on revenue and 4.5% on EBITDA .
*Values retrieved from S&P Global
Stock Performance
Post-Earnings Reaction: Stock rose +0.8% on Nov 12 (earnings day), closing at $39.55 . Pre-market trading showed gains of 2.96% following the announcement.
Beat/Miss Analysis
Q3 2025 vs. Consensus
*Values retrieved from S&P Global
Note: Revenue miss driven by timing differences in tax benefit recognition. Total revenue & income of $165M includes $27M in tax benefits .
Beat/Miss History (Last 8 Quarters)
*Values retrieved from S&P Global
Financial Results
Revenue Breakdown
*Values retrieved from S&P Global
Revenue Drivers
- Newly Operational Projects: Atrisco (U.S.) +$11M, Israel Solar +$7M, Pupin (Serbia) +$4M
- Tax Benefits: $27M recognized in Q3 2025 vs $4M in Q3 2024
Geographic Breakdown
2025 Guidance (Raised)
Key Assumptions :
- 80-90% recognition of U.S. tax benefits
- 90% of 2025 generation output sold at fixed price (hedges/PPAs)
Growth Roadmap
Key Milestones
What Went Well
1. Massive Capital Raise
"We raised $4.8 billion in project finance, corporate debt, and from asset sale in the past 12 months." — Nir Yehuda, CFO
2. Snowflake A Financial Close ($1.44B)
"This is the largest project in Enlight's history to reach financial close... expected to generate approximately $130 million in revenue and over $100 million in EBITDA in its first full year." — Adi Leviatan, CEO
3. Safe Harbor Progress
"We safe-harbored approximately 6 factored Gigawatts of projects... we will secure a safe harbor for approximately 5-8 additional factored Gigawatts by July 2026." — Adi Leviatan, CEO
4. Storage Portfolio Growth
"Our global mature storage portfolio [reached] 11.8 gigawatt-hours at the end of Q3, almost six times its size three years ago, reflecting an annual revenue of $650-$700 million once operating." — Adi Leviatan, CEO
What Went Wrong
1. Revenue Miss vs. Consensus
- Actual revenue (ex-tax benefits) of $139M missed consensus of $149M by 6.8%
- Timing of tax benefit recognition created volatility
2. EBITDA Growth Impacted by Björnberget Catch-up
"Adjusted EBITDA growth was partially impacted by compensation revenue from Björnberget project in Sweden, the corresponding quarter last year that reflected a catch-up for three quarters." — Adi Leviatan, CEO
3. Tariff & Regulatory Risks Persist
- India tariff exposure remains a concern
- CO Bar interconnection facing potential federal shutdown delays
Project Pipeline
Projects Near COD
Revenue Contribution (First Full Year)
- Quail Ranch + Roadrunner: $142M revenue, $127M EBITDA
- Snowflake A: $130M revenue, $100M+ EBITDA
Q&A Highlights
On Q3 Revenue Beat
"We did see additional wind in some of our Israeli assets... We also have had the ability to extract additional from our battery storage projects... dollar-to-shekel exchange rate considerations have brought additional revenues."
On Safe Harbor Strategy
"Every project has to have a unique real plan... Generally, our safe harbor strategy has included physical work of a significant nature... either off-site with manufacturing of project-specific equipment or on-site." — Jared McKee, CEO Clēnera
On India Tariff Mitigation
"We are focused, and we will have cells coming in from countries that are not subject to any of the ongoing investigations... we are able to have flexibility with our modules, where we assemble modules, where we source our cells from." — Jared McKee
On Long-term EBITDA Margins
"Our expectation for project-level EBITDA is always north of 70% for every individual project... around 75%-80%, depending on the region and the project itself." — Nir Yehuda, CFO
Management Tone Evolution
Q2 2025 (Gilad Yavetz as CEO): Focused on transition planning, U.S. regulatory clarity, and reaffirming roadmap
Q3 2025 (Adi Leviatan as new CEO): Confident, emphasizing execution, global diversification, and commitment to the existing strategy. First earnings call as CEO with strong results
"I am very much committed to the strategy that is in place for Enlight... You should expect to see us continuing to grow at the pace of 40%, tripling our revenues every three years." — Adi Leviatan, CEO
Key Takeaways
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Strong Execution Under New Leadership: New CEO Adi Leviatan's first quarter delivered 47% revenue growth and raised guidance
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EPS Beat Overshadows Revenue Miss: 87% EPS beat driven by tax benefit recognition; revenue timing mismatch not structural
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Capital Access Differentiator: $4.8B raised in 12 months demonstrates institutional confidence
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Storage Strategy Paying Off: 11.8 GWh storage portfolio (6x growth in 3 years) provides recurring revenue base
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Safe Harbor Race Won: 9+ GW already safe-harbored; targeting 14-17 GW by mid-2026 deadline
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Valuation Re-rating: Stock up 174% YTD as growth story gains recognition; market cap now $4.73B