0001213900-26-037923
SEC filingEllomay Capital reported FY2025 revenue of €42.8 million and EBITDA of €33.4 million, reflecting improved performance and a significant bargain purchase gain from the Dorad Energy acquisition.
Ellomay Capital reported financial results for the fourth quarter and full year ended December 31, 2025, demonstrating revenue growth and improved profitability metrics despite ongoing operational challenges. Revenues for the full year increased to approximately €42.8 million from €40.5 million in the prior year, primarily driven by contributions from newly connected Italian solar facilities (19.8 MW and 18.1 MW) and US solar facilities that came online during the second quarter of 2025. This growth was partially offset by lower revenues from Dutch biogas facilities due to production issues and adverse weather conditions, as well as decreased electricity prices in Spain.
The company reported an EBITDA of approximately €33.4 million for the year, a significant increase from €25.1 million in 2024. This figure includes a gain on bargain purchase of approximately €14.5 million recognized by Ellomay Luzon Energy Infrastructures Ltd. in connection with the July 2025 acquisition of an additional 15% stake in Dorad Energy Ltd. The share of profits from equity accounted investee rose to €16.9 million, largely attributable to this transaction. Net loss for the year narrowed to €6 million from €9 million year-over-year.
Operating expenses decreased slightly to €19.4 million, while financing expenses increased to €27.4 million from €19.7 million, driven by derivative and warrant expenses as well as interest on new Series G debentures. Net cash provided by operating activities declined to €1.8 million from €8 million, primarily due to higher interest expenses. Total assets grew substantially to €845.6 million from €677.3 million.
Operationally, the company faces headwinds from military conflict in Israel, which has halted work on the upper and lower reservoirs of the Manara pumped storage project, though tunneling continues. Management is negotiating a compensation framework with the Israeli Electricity Authority. Looking forward, the company executed an agreement in March 2026 to sell indirect holdings in Dorad based on a NIS 4.4 billion valuation, expected to result in substantial profit. Construction continues on additional projects in Italy and the US, with significant capacity additions expected in 2026.