ELLO · Ellomay Capital Ltd.

Dorad Energy Ltd., in which Ellomay holds an indirect 16.9% interest through its 50% ownership of Ellomay Luzon Energy (which owns 33.75% of Dorad), reported significantly lower 2025 results compared to 2024. Revenues declined to NIS 2,650.5 million from NIS 2,863.8 million, primarily due to seasonal demand patterns influenced by TAOZ tariffs and disruptions from the June 2025 Israel-Iran confrontation, which caused a 22% revenue drop in June 2025 versus prior year. Operating profit fell to NIS 385.4 million from NIS 596.4 million, driven by higher energy costs and depreciation, while net profit dropped sharply to NIS 148.4 million from NIS 452.3 million amid elevated net financing expenses of NIS 193.2 million. Balance sheet remains solid with total assets at NIS 4.29 billion and equity at NIS 1.57 billion as of December 31, 2025, though cash decreased to NIS 695 million. Ellomay Luzon Energy's acquisition of an additional 15% Dorad stake on July 22, 2025, resulted in a NIS 112.8 million bargain purchase gain, reflecting purchase price allocation where intangible assets like production licenses exceeded cost. Dorad distributed NIS 200 million dividend in 2025. Results impacted by ongoing wars, including a new US-Israel-Iran conflict starting February 28, 2026, with undetermined effects. Ellomay will reflect its share in future consolidated results; no commitment for future separate Dorad reporting.