Enlight Renewable Energy (TASE: ENLT; Nasdaq: ENLT), which is on the Tel Aviv 35 Index list, has reported an exceptionally strong third quarter. The company has raised its annual revenue guidance for 2026 for the second successive quarter, to a range of $810 million to $830 million. The company also reports significant expansion in its energy supply business in Israel.
The company’s revenue for the third quarter grew by 40% in comparison with the corresponding quarter of 2025 to $231 million. In the first three quarters of the year, revenue surged by 49% to $641 million. The company’s annual revenue guidance has therefore been raised to $810-830 million, which compares with guidance of $755-785 million at the beginning of this year. Notably, the upper limit of the original guidance does not even reach the lower limit of the updated one.
The impressive results are reflect huge demand for affordable, accessible electricity, driven in part by the artificial intelligence revolution and the unprecedented energy requirements of server farms.
On the bottom line, net profit rose modestly, from $32 million in the corresponding quarter last year to $34 million, but the third quarter results last year included a one-time gain from loan refinancing. Excluding this item, quarterly profit rose 76%. Looking at the first nine months of the year, and excluding capital gains from the sale of a portfolio of projects ("Sunlight") in early 2025, net profit surged by 122%.
Electricity trading activity in Israel doubles
One of the most intriguing figures in the report relates to Enlight’s expansion as an electricity supplier in Israel. Electricity trading activity more than doubled in volume in comparison with the previous year, generating approximately $56 million in revenue in the third quarter and $114 million year-to-date. About 40% of this revenue is derived from electricity produced at Enlight’s own facilities. This growth is attributed to an expanding customer base and high demand during the summer season. Enlight notes, however, that this is a low-risk activity, which is correspondingly characterized by low profit margins.
On the global development front, Enlight announced that it had secured grid connection approval for a large solar project in Virginia, amounting to 600 megawatts of solar capacity and 2,000 megawatt-hours of energy storage. The company is expanding its footprint in the European energy storage sector, establishing hubs in Germany, Poland, Finland, and Romania, a move driven by rising energy prices across the continent, following the blockage of gas imports from Russia and Qatar.
Looking ahead to 2028, Enlight maintains its ambitious revenue target of over $2.2 billion, based on the maturation of mega-projects, primarily in the US.
"Business thinking that creates value"
"The report serves as a demonstration of operational and financial strength, cementing Enlight’s position among the top tier of renewable energy companies," says Lior Vider of investment consultancy Profit Multiplier. He says that beyond the phenomenal growth, the commercial management is particularly impressive. "The decision to terminate legacy Power Purchase Agreements in the US, incurring a one-time $20 million penalty, in order to gain exposure to current market prices, which are much higher thanks to demand from data centers, demonstrates business acumen that creates substantial value for shareholders." Vider adds that the company’s expansion in Europe, for instance in Finland, where project yields reach 19-21%, indicates correct exploitation of declining equipment costs. "With cash of $420 million and 86% of its debt at a fixed interest rate, Enlight offers investors cash-flow certainty and a strong balance sheet."
Menora Mivtachim energy analyst Binyamin Nadav says, "Revenue exceeded consensus estimates, bolstered by the strong seasonality characteristic of the Israeli market during the third quarter. From a macro perspective, the decline in US 10-year Treasury yields coupled with the midterm elections and the potential for a Democratic victory could become a tailwind for the sector, particularly for the company’s development pipeline in the US."
Enlight CEO Adi Leviatan said, "We conclude another quarter of high growth and consistently strong performance, with a 38% increase in adjusted EBITDA. In Europe, we are benefiting from high electricity prices and expanding our energy storage operations, which are yielding double-digit returns. In the US, all five phases of the Bar-CO complex, totaling 2.4 gigawatts, are now under construction, following the completion of the largest financing transaction in the company's history. These excellent results and our cash flow enable us once again to raise our 2026 guidance."
Published by Globes, Israel business news - en.globes.co.il - on November 3, 2026.
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