The Dorad sale provides a significant cash infusion and deleveraging, enabling accelerated investment in the BESS and pumped storage pipeline. Monitor progress on the 1,878 MWh BESS pipeline and the Manara pumped storage project (expected completion 2030) for execution risk. The 2026E EBITDA forecast includes a large one-time gain (~€90M) from the Dorad sale, so the underlying run-rate EBITDA of ~€49M (2027E) is the more relevant forward metric.
Price Chart
Executive Summary
Ellomay Capital published a June 2026 investor presentation detailing the completed sale of its 16.9% stake in Dorad Holdings for total consideration of NIS 4.4 billion, generating a pre-tax capital gain and net cash proceeds of approximately NIS 170 million after debt deduction. The company is accelerating its energy storage (BESS) strategy, with 1,878 MWh of BESS projects under development and 1,872 MWh from the Manara pumped storage project, and forecasts consolidated EBITDA growing from €35M in 2025 to €122M in 2026E (including ~€90M from the Dorad sale) and €67M by 2028E.
Key Facts
- Completed sale of 16.9% stake in Dorad Holdings at an implied valuation of NIS 4.4 billion, generating net cash proceeds of approximately NIS 170 million after debt deduction.
- Pre-tax capital gain from the Dorad sale; other income of approximately €90 million included in 2026E consolidated EBITDA forecast.
- Consolidated EBITDA forecast: €35M (2025) → €122M (2026E, including ~€90M Dorad gain) → €49M (2027E) → €67M (2028E).
- Consolidated revenue forecast: €46M (2025) → €155M (2026E) → €86M (2027E) → €106M (2028E).
- Project-level EBITDA forecast: €27M (2025) → €36M (2026E) → €53M (2027E) → €74M (2028E).
- Energy storage pipeline: 1,878 MWh BESS projects under development and 1,872 MWh Manara pumped storage (156 MW, expected completion 2030, total cost €615M).
- Italy FER X tender: two projects awarded 20-year guaranteed tariffs at weighted tariff of €67.7/MWh; 100 MW awarded under FER X.
- Net cash proceeds from Dorad sale: ~NIS 170M; NIS 170M used for early repayment of Series E debentures.
- Balance sheet: total assets €885M (March 2026), equity €159M, net financial debt 63% of total assets.
- 2025 net loss of €6M; EBITDA reconciliation shows €27M financing expenses, €16M depreciation, €2M tax benefit.
Financial Impact
Consolidated EBITDA forecast grows from €35M (2025) to €122M (2026E, including ~€90M Dorad gain) to €67M (2028E). Project-level EBITDA grows from €27M (2025) to €74M (2028E). Net cash proceeds from Dorad sale ~NIS 170M.
Risk Factors
- Execution risk on the large BESS and pumped storage pipeline (1,878 MWh BESS + 1,872 MWh Manara), with Manara expected completion in 2030.
- Geopolitical risk from operations in Israel, including war and hostilities in Gaza, Lebanon, and with Iran.
- Regulatory changes in Spain, Italy, and the Netherlands could impact solar and biogas tariffs.
- Interest rate and inflation sensitivity on project financing costs.
- Forecast EBITDA includes a large one-time gain (~€90M) from the Dorad sale; underlying run-rate EBITDA is lower.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-073688 |
| Document: ea0296356-6k_ellomay.htm | 0001213900-26-073688 |
| Document: 0001213900-26-073688-index-headers.html | 0001213900-26-073688 |
| Document: 0001213900-26-073688-index.html | 0001213900-26-073688 |
| Document: 0001213900-26-073688.txt | 0001213900-26-073688 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 6-K | $21.80 | awaiting T+20 | — | $21.40 (−1.83%) |
Oct 6, 2026 20d ago | 6-K | $21.80 | awaiting T+20 | — | $21.40 (−1.83%) |
Sep 29, 2026 27d ago | Press Release | $22.41 | awaiting T+20 | — | $21.40 (−4.49%) |
Aug 31, 2026 8w ago | 6-K | $21.00 $21.90 | ▲ +4.29% | ▲ +4.47% | $21.40 (+1.90%) |
Aug 18, 2026 9w ago | Press Release | $19.60 $20.19 | ▲ +3.01% | ▲ +4.53% | $21.40 (+9.18%) |
Jun 30, 2026 16w ago | 6-K | $18.75 $19.30 | ▲ +2.93% | ▲ +5.12% | $21.40 (+14.13%) |
Jun 22, 2026 18w ago | 6-K | $19.01 $18.55 | ▲ +2.42% | ▲ +3.58% | $21.40 (−12.57%) |
May 27, 2026 21w ago | 6-K | $24.64 $19.20 | ▲ +22.08% | ▲ +20.18% | $21.40 (+13.15%) |
May 27, 2026 21w ago | Press Release | $24.64 $19.20 | ▼ −22.08% | ▼ −20.18% | $21.40 (−13.15%) |
May 1, 2026 25w ago | Press Release | $26.10 $23.74 | ▼ −9.04% | ▼ −14.33% | $21.40 (−18.01%) |
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