The presentation is forward-looking and promotional; key catalysts to watch are the timing of grid connections for the 185 MW Italy projects (expected 2026-2027), the 28 MW US solar construction start, and the Manara pumped storage completion by 2030. The Dorad sale proceeds are being deployed 40% into growth (BESS, pipeline) and 60% into deleveraging — monitor subsequent filings for actual deployment and project milestones.
Price Chart
Executive Summary
Ellomay Capital published an October 2026 investor presentation detailing its strategic shift into energy storage (BESS) following the sale of its 16.9% stake in Dorad Holdings for NIS 742.5 million (net proceeds ~NIS 560 million). The presentation provides forward-looking forecasts showing consolidated EBITDA growing from €46M in 2025 to €162M in 2026E (including ~€100M from the Dorad gain) and to €201M by 2030, driven by a large pipeline of solar and BESS projects across Spain, Italy, the US, and Israel.
Key Facts
- Sold 16.9% stake in Dorad sold for NIS 742.5M (implied valuation of NIS 4.4B; net proceeds ~NIS 560M)
- Pre-tax capital gain of NIS 332M from Dorad sale
- Consolidated EBITDA forecast: €46M (2025) → €162M (2026E) → €90M (2027E) → €201M (2030E)
- 1.2 GWh BESS projects under development; 0.6 GWh RTB in advanced stages
- Italy FER X tender awarded 100 MW at 2 projects with 20-yr guaranteed tariff at €67.7/MWh
- Manara pumped storage (1,872 MWh) work resumed; expected completion 2030 with €47M annual EBITDA
- Net financial debt reduced to €457M (48% of assets) vs €513M (61%) at Dec 2025
- Total assets €959M (+57% since 2023); equity €232M (+86% since 2023)
Financial Impact
Dorad sale generated NIS 742.5M total consideration and ~NIS 560M net cash; consolidated EBITDA forecast to grow from €46M (2025) to €162M (2026E) including ~€100M Dorad gain, then to €201M by 2030
Risk Factors
- Forward-looking projections are non-IFRS and subject to execution risk on development pipeline
- War and geopolitical risks in Israel, Gaza, Lebanon, and Iran could delay projects
- Interest rate and inflation changes could impact project financing costs
- Regulatory changes in Spain, Italy, Netherlands, and US could affect tariffs and subsidies
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-109426 |
| Document: ea0308550-6k_ellomay.htm | 0001213900-26-109426 |
| Document: 0001213900-26-109426-index-headers.html | 0001213900-26-109426 |
| Document: 0001213900-26-109426-index.html | 0001213900-26-109426 |
| Document: 0001213900-26-109426.txt | 0001213900-26-109426 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 6-K | $21.80 | awaiting T+20 | — | $20.62 (−5.41%) |
Oct 6, 2026 20d ago | 6-K | $21.80 | awaiting T+20 | — | $20.62 (−5.41%) |
Sep 29, 2026 27d ago | Press Release | $22.41 | awaiting T+20 | — | $20.62 (−7.97%) |
Aug 31, 2026 8w ago | 6-K | $21.00 $21.90 | ▲ +4.29% | ▲ +4.47% | $20.62 (−1.81%) |
Aug 18, 2026 9w ago | Press Release | $19.60 $20.19 | ▲ +3.01% | ▲ +4.53% | $20.62 (+5.20%) |
Jun 30, 2026 16w ago | 6-K | $18.75 $19.30 | ▲ +2.93% | ▲ +5.12% | $20.62 (+9.97%) |
Jun 22, 2026 18w ago | 6-K | $19.01 $18.55 | ▲ +2.42% | ▲ +3.58% | $20.62 (−8.47%) |
May 27, 2026 21w ago | 6-K | $24.64 $19.20 | ▲ +22.08% | ▲ +20.18% | $20.62 (+16.31%) |
May 27, 2026 21w ago | Press Release | $24.64 $19.20 | ▼ −22.08% | ▼ −20.18% | $20.62 (−16.31%) |
May 1, 2026 25w ago | Press Release | $26.10 $23.74 | ▼ −9.04% | ▼ −14.33% | $20.62 (−21.00%) |
US Market Status
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