The core operating business (revenues ex-FX) showed slight erosion on lower power prices, but the asset sale and project pipeline are positive catalysts. Monitor the Italian 160 MW construction timeline (target end-2026), Dutch biogas regulation start (Jan 2027), and any further FX volatility from NIS/euro exposure. The balance sheet is now delevered post the Series E repayment, providing financial flexibility.
Price Chart
Executive Summary
Ellomay Capital reported Q1 2026 results with revenues of €8.7M (down ~2.2% YoY from €8.9M) and a loss of €12.2M vs a profit of €6.8M in Q1 2025, driven largely by unfavorable FX movements (NIS appreciation vs euro) and lower electricity prices in Spain/Italy. The company subsequently sold its stake in Ellomay Luzon Energy for ~NIS 560M (€164M), repaid Series E debentures, and is advancing a large Italian solar pipeline (160 MW under construction, 210 MW RTB) with bullish long-term catalysts from Dutch biogas blending mandates and Italian FER X contracts.
Key Facts
- Q1 2026 revenues of €8.7M, down from €8.9M YoY
- Loss of €12.2M vs profit of €6.8M in Q1 2025, primarily due to €2.9M FX loss on NIS vs €10.7M FX gain year ago (swing of €13.6M)
- EBITDA of €2.1M, down from €2.9M YoY
- Net cash used in operations of €1.9M vs cash generated of €0.3M in Q1 2025
- Completed sale of Ellomay Luzon Energy on May 10, 2026 for NIS 560M (~€164M), repaying ~NIS 170M in Series E debentures
- 160 MW Italian solar under construction, 210 MW RTB; ~100 MW won FER X tender with 20-yr PPA at high prices
- Dutch biogas blending regulation to commence Jan 2027, expected to materially increase profitability
- Financing expenses swing from income of €7.2M to expense of €8.2M YoY driven by NIS revaluation
Financial Impact
Revenue declined ~2.2% YoY; net income swung from +€6.8M to -€12.2M; EBITDA fell ~27% to €2.1M; operating cash flow turned negative to -€1.9M from +€0.3M. Major FX-driven finance expense swing of ~€13.6M period-over-period.
Risk Factors
- Continued low/negative electricity prices in Spain and Italy could further pressure revenue and EBITDA
- NIS/euro FX volatility remains a material swing factor for reported earnings (€13.6M swing this quarter)
- Construction delays or cost overruns on Italian and US solar projects
- Geopolitical risks in Israel affecting Manara pumped storage project construction timelines
- Dutch biogas blending regulation delay or unfavorable terms could slow expected profitability improvement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301707 |
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%) |
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