Research Reports

Prepared Highlights

Q4 2025 revenue & income: $152M, up 46% YoY (from $104M in Q4 2024) (CEO, CFO, prepared).
Full-year 2025 revenue & income: $582M, up 46% YoY (CEO, prepared).
Q4 2025 adjusted EBITDA: $99M, up 51% YoY (from $65M in Q4 2024) (CEO, CFO, prepared).
Full-year 2025 adjusted EBITDA: $438M, up 51% YoY; 36% excluding Sunlight sell-down (CEO, prepared).
2025 guidance exceeded: revenue by 4%, adjusted EBITDA by 7% (CEO, prepared).
Total portfolio: 38 factored GW, expanded 26% in 2025 (CEO, prepared).
Mature portfolio: 11.4 factored GW, grew 33% in 2025 (CEO, prepared).
Operating portfolio: increased 30% in past 12 months; U.S. operating portfolio doubled to 1.6 factored GW (CEO, prepared).
Under-construction portfolio: doubled over past year; 2.6 factored GW started construction in 2025 (CEO, prepared).
Mature storage portfolio: 17.5 GWh globally, up >50% from prior quarter and >6x from 3 years ago; represents ~$1B annual run-rate revenue (CEO, prepared).
CapEx & financing: $2.9B project finance, $470M tax equity, $350M mezzanine loan, $300M equity, $245M debenture, $50M asset sale raised in 2025; $525M credit facility ($360M available), $1.5B LC/surety bond facility ($790M available) (CFO, prepared).
2026 guidance: revenue & income $755M–$785M; adjusted EBITDA $545M–$565M (27%–32% midpoint growth vs 2025) (CFO, prepared).
2028 target: 12–13 factored GW operating capacity; annual run-rate revenue & income $2.1B–$2.3B (CEO, prepared).
Unlevered returns: under-construction/preconstruction projects 12%–13% (up from 11%–12% prior quarter); ROE >18% (CEO, prepared).

Prepared Metrics

Metric	Value	Speaker/Context
Q4 2025 revenue & income	$152M	CFO, prepared
Full-year 2025 revenue & income	$582M	CEO, prepared
Q4 2025 adjusted EBITDA	$99M	CFO, prepared
Full-year 2025 adjusted EBITDA	$438M	CEO, prepared
Q4 2025 net income	$21M (+$13M YoY)	CFO, prepared
Q4 2025 electricity sales	$124M (+$31M YoY)	CFO, prepared
Q4 2025 tax benefit income	$28M (+$70M YoY)	CFO, prepared
2026 revenue & income guidance	$755M–$785M	CFO, prepared
2026 adjusted EBITDA guidance	$545M–$565M	CFO, prepared
2026 tax benefit income guidance	$160M–$180M	CFO, prepared
2028 operating capacity target	12–13 factored GW	CEO, prepared
2028 annual run-rate revenue target	$2.1B–$2.3B	CEO, prepared
U.S. operating portfolio (end 2025)	888 MW generation, 2,540 MWh storage	Jared McKee, prepared
CO Bar complex total capacity	1,211 MW solar, 4,000 MWh battery	Jared McKee, prepared
Snowflake A capacity	595 MW PV, 1,900 MWh storage	Jared McKee, prepared

Mgmt Quotes

"2025 was another record year for Enlight." (CEO)
"We exceeded our full year revenue and EBITDA guidance by 4% and 7%, respectively." (CEO)
"The CO Bar project is a special project... indicative of what the Clenera team can accomplish through their development expertise, tenacity and grit." (Jared McKee)
"We now expect to deliver a return on equity of more than 18%." (CEO)
"2026 will be a record year of construction for Enlight with the expected beginning of construction of 3 to 4 factored gigawatts." (CEO)

Q&A Batch (1-4 of 4)

Q1 — Justin Clare

Topic: 2028年收入指引上调驱动因素及安全港容量计划
Key points:
- 收购德国Jupiter项目直接贡献1.50亿美元至2028年年化收入；CO Bar 4和5从高级开发转入预施工，提升成熟组合确定性但未扩大上限
- 计划2026上半年再安全港0.5–3.5 factored GW；太阳能安全港此后封顶，但储能安全港仍可延续3年
- 14–17 factored GW安全港总目标不变，团队已投入大量实体工作确保未来4年项目基础
Mgmt stance: bullish – 通过收购和项目推进提高指引上限，安全港储备充足且操作灵活

Q2 — Mark W. Strouse

Topic: 平台级收购可能性与战略灵活性
Key points:
- 公司处于“令人羡慕的位置”，有能力筹集大量资金，项目已全额融资至2028年
- 持续评估项目或平台收购机会，必要时补充缺失能力，覆盖美国、欧洲、中东及北非市场
- 此类行动均以整体增长轨迹和股东价值为考量
Mgmt stance: bullish – 财务灵活、资金充足，积极寻求创造价值的并购机会

Q3 — Maheep Mandloi

Topic: FEOC新规影响及资本充足性
Key points:
- 近期FEOC指引（含原产国计算方式）与公司先前预期一致，降低部分不确定性，但仍有待进一步细节
- 对已安全港项目及2026年中前将安全港的项目无重大