The core renewable portfolio is under severe pressure from structurally low European power prices, and the Q1 loss was amplified by FX. The €164M Luzon sale provides a liquidity cushion and reduces debt, but the company's ability to generate positive operating cash flow from continuing operations is now in question. Watch for Q2 power price trends in Spain/Italy and any update on the Manara pumped-storage project's war-related delays.
Price Chart
Executive Summary
Ellomay Capital reported Q1 2026 results showing a sharp deterioration: revenue fell slightly to €8.7M (from €8.9M YoY), but the company swung from a €6.8M profit to a €12.2M loss, driven by negative electricity prices in Spain/Italy and a €13.6M swing in FX losses as the NIS appreciated 2.9% vs. the euro. The post-quarter-end sale of its Ellomay Luzon Energy stake for ~NIS 560M (~€164M) provides a significant cash infusion and deleveraging, but the core operating business is under pressure from weak power markets.
Key Facts
- Q1 2026 revenue was €8.7M, down from €8.9M YoY (-2.2%) due to low/negative electricity prices in Spain and Italy.
- Net loss was €12.2M vs. a €6.8M profit in Q1 2025; loss from continuing operations was €12.5M vs. a €5.6M profit.
- EBITDA fell to €2.1M from €2.9M YoY (-27.6%).
- Financing expenses swung to a net expense of €8.2M from net income of €7.2M, driven by a €13.6M FX swing from NIS appreciation.
- On May 10, 2026, the company completed the sale of its 50% stake in Ellomay Luzon Energy for ~NIS 560M (~€164M), using proceeds to repay NIS 170M of Series E debentures.
- Net cash used in operating activities was €1.9M vs. €0.3M generated in Q1 2025.
- Total assets grew to €885.4M from €843.5M at year-end 2025; equity fell to €158.9M from €165.1M.
- Basic loss per share was €0.76 vs. EPS of €0.62 in Q1 2025.
Financial Impact
Revenue decline of ~€0.2M (-2.2%) and a swing from €6.8M profit to €12.2M loss, with EBITDA down ~€0.8M. The €164M asset sale is transformative for the balance sheet but does not offset the operational weakness.
Risk Factors
- Continued low/negative electricity prices in Spain and Italy could further compress revenue and EBITDA.
- NIS/euro FX volatility remains a material earnings risk given NIS-denominated debt and cash.
- War-related halt of Manara reservoir works could delay a key long-term project.
- Net cash used in operations suggests the core business is not self-funding at current power prices.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-061189 |
| Document: ea029212901ex99-2.htm | 0001213900-26-061189 |
| Document: ea0292129-6k_ellomay.htm | 0001213900-26-061189 |
| Document: 0001213900-26-061189-index-headers.html | 0001213900-26-061189 |
| Document: 0001213900-26-061189-index.html | 0001213900-26-061189 |
| Document: 0001213900-26-061189.txt | 0001213900-26-061189 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 6-K | $21.80 | awaiting T+20 | — | $21.40 (−1.86%) |
Oct 6, 2026 20d ago | 6-K | $21.80 | awaiting T+20 | — | $21.40 (−1.86%) |
Sep 29, 2026 27d ago | Press Release | $22.41 | awaiting T+20 | — | $21.40 (−4.51%) |
Aug 31, 2026 8w ago | 6-K | $21.00 $21.90 | ▲ +4.29% | ▲ +4.47% | $21.40 (+1.88%) |
Aug 18, 2026 9w ago | Press Release | $19.60 $20.19 | ▲ +3.01% | ▲ +4.53% | $21.40 (+9.16%) |
Jun 30, 2026 16w ago | 6-K | $18.75 $19.30 | ▲ +2.93% | ▲ +5.12% | $21.40 (+14.11%) |
Jun 22, 2026 18w ago | 6-K | $19.01 $18.55 | ▲ +2.42% | ▲ +3.58% | $21.40 (−12.55%) |
May 27, 2026 21w ago | 6-K | $24.64 $19.20 | ▲ +22.08% | ▲ +20.18% | $21.40 (+13.17%) |
May 27, 2026 21w ago | Press Release | $24.64 $19.20 | ▼ −22.08% | ▼ −20.18% | $21.40 (−13.17%) |
May 1, 2026 25w ago | Press Release | $26.10 $23.74 | ▼ −9.04% | ▼ −14.33% | $21.40 (−18.03%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers