Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the outcome of legal proceedings in connection with Dorad Energy Ltd., technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits - whether within the set time frame or at all, climate change, the impact of the continued military conflict between Russia and Ukraine, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. Ellomay Capital Ltd. and its Subsidiaries Unaudited Condensed Consolidated Interim Statements of Comprehensive Income For the three months ended September 30, For the nine months ended September 30, For the year ended December 31, For the nine months ended September 30, 2025 2024 2025 2024 2024 2025 Unaudited Audited Unaudited € in thousands (except per share data) Convenience Translation into US$* Revenues 12,729 12,333 32,865 31,789 40,467 38,578 Operating expenses (5,155 ) (4,982 ) (14,361 ) (14,505 ) (19,803 ) (16,857 ) Depreciation and amortization expenses (4,362 ) (4,111 ) (12,850 ) (12,342 ) (15,887 ) (15,084 ) Gross profit 3,212 3,240 5,654 4,942 4,777 6,637 Project development costs (511 ) (1,030 ) (3,381 ) (3,311 ) (4,101 ) (3,969 ) General and administrative expenses (1,781 ) (1,645 ) (5,165 ) (4,679 ) (6,063 ) (6,063 ) Share of profits of equity accounted investee 16,999 3,486 17,011 5,295 11,062 19,968 Other income (expenses), net (153 ) 2,885 1,278 2,885 3,409 1,500 Operating profit 17,766 6,936 15,397 5,132 9,084 18,073 Financing income 7,853 4,553 9,596 6,977 2,495 11,264 Financing income (expenses) in connection with derivatives and warrants, net (1,037 ) (90 ) (599 ) 2,762 1,140 (703 ) Financing expenses in connection with projects finance (1,928 ) (1,693 ) (5,016 ) (4,646 ) (6,190 ) (5,888 ) Financing expenses in connection with debentures (971 ) (1,486 ) (4,971 ) (5,048 ) (6,641 ) (5,835 ) Interest expenses on minority shareholder loan (424 ) (528 ) (1,355 ) (1,616 ) (2,144 ) (1,591 ) Other financing expenses (11,209 ) (145 ) (6,349 ) (428 ) (8,311 ) (7,453 ) Financing income (expenses), net (7,716 ) 611 (8,694 ) (1,999 ) (19,651 ) (10,206 ) Profit before taxes on income 10,050 7,547 6,703 3,133 (10,567 ) 7,867 Tax benefit (taxes on income) 19 (916 ) 1,790 72 1,424 2,101 Profit (loss) for the period from continuing operations 10,069 6,631 8,493 3,205 (9,143 ) 9,968 Profit from discontinued operation (net of tax) - - - 79 137 - Profit (loss) for the period 10,069 6,631 8,493 3,284 (9,006 ) 9,968 Profit (loss) attributable to: Owners of the Company 10,128 6,104 10,438 4,670 (6,524 ) 12,252 Non-controlling interests (59 ) 527 (1,945 ) (1,386 ) (2,482 ) (2,284 ) Profit (loss) for the period 10,069 6,631 8,493 3,284 (9,006 ) 9,968 Other comprehensive income (loss) item that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: Foreign currency translation differences for foreign operations 2,911 (4,719 ) (6,137 ) (5,152 ) 8,007 (7,204 ) Foreign currency translation differences for foreign operations that were recognized in profit or loss - - - 255 255 - Effective portion of change in fair value of cash flow hedges (2,248 ) 286 386 9,412 5,631 453 Net change in fair value of cash flow hedges transferred to profit or loss (539 ) 1,363 (2,821 ) (1,921 ) (813 ) (3,312 ) Total other comprehensive income (loss) 124 (3,070 ) (8,572 ) 2,594 13,080 (10,063 ) Total other comprehensive income (loss) attributable to: Owners of the Company 1,281 (4,020 ) (7,574 ) (1,315 ) 10,039 (8,891 ) Non-controlling interests (1,157 ) 950 (998 ) 3,909 3,041 (1,172 ) Total other comprehensive income (loss) for the period 124 (3,070 ) (8,572 ) 2,594 13,080 (10,063 ) Total comprehensive income (loss) for the period 10,193 3,561 (79 ) 5,878 4,074 (95 ) Total comprehensive income (loss) attributable to: Owners of the Company 11,409 2,084 2,864 3,355 3,515 3,361 Non-controlling interests (1,216 ) 1,477 (2,943 ) 2,523 559 (3,456 ) Total comprehensive income (loss) for the period 10,193 3,561 (79 ) 5,878 4,074 (95 ) Ellomay Capital Ltd. and its Subsidiaries Unaudited Condensed Consolidated Interim Statements of Cash Flow For the three months ended September 30, For the nine months ended September 30, For the year ended December 31, For the nine months ended September 30, 2025 2024 2025 2024 2024 2025 € in thousands Convenience Translation into US$* Cash flows from operating activities Profit (loss) for the period 10,069 6,631 8,493 3,284 (9,006 ) 9,968 Adjustments for: Financing income (expenses), net 7,716 (611 ) 8,694 1,595 19,247 10,206 Profit (loss) from settlement of derivatives contract - (149 ) - 50 316 - Impairment losses on assets of disposal groups classified as held-for-sale - - - 405 405 - Depreciation and amortization 4,362 4,111 12,850 12,390 15,935 15,084 Share-based payment transactions 7 30 11 91 112 13 Share of profits of equity accounted investees (16,999 ) (3,486 ) (17,011 ) (5,295 ) (11,062 ) (19,968 ) Change in trade receivables and other receivables (1,083 ) (4 ) 6,302 (3,218 ) (8,824 ) 7,398 Change in other assets 469 871 (533 ) 876 3,770 (626 ) Change in receivables from concessions project - - - 793 793 - Change in trade payables (501 ) 554 2,177 (79 ) (31 ) 2,555 Change in other payables 1,293 (2,052 ) (3,517 ) (293 ) 4,455 (4,128 ) Income tax expense (tax benefit) (19 ) 916 (1,790 ) (77 ) (1,429 ) (2,101 ) Income taxes refund (paid) 7 (133 ) (20 ) 346 623 (23 ) Interest received 878 226 2,222 1,932 2,537 2,608 Interest paid (2,721 ) (1,827 ) (9,347 ) (7,255 ) (9,873 ) (10,972 ) (6,591 ) (1,554 ) 38 2,261 16,974 46 Net cash provided by operating activities 3,478 5,077 8,531 5,545 7,968 10,014 Cash flows from investing activities Acquisition of fixed assets (22,106 ) (30,453 ) (59,036 ) (50,046 ) (72,922 ) (69,299 ) Interest paid capitalized to fixed assets (2,071 ) (507 ) (3,898 ) (1,628 ) (2,515 ) (4,576 ) Proceeds from sale of investments - - - 9,267 9,267 - Advances on account of investments 547 (109 ) 547 (163 ) (163 ) 642 Proceeds from advances on account of investments - - - - 514 - Proceeds from (investment in) settlement of derivatives, net - 65 - 224 (316 ) - Proceeds from restricted cash, net 10,530 38 1,364 157 689 1,601 Proceeds from (investment in) short term deposit - 79 - (1,404 ) 1,004 - Net cash used in investing activities (13,100 ) (30,887 ) (61,023 ) (43,593 ) (64,442 ) (71,632 ) Cash flows from financing activities Issuance of warrants - - 475 3,735 2,449 558 Cost associated with long-term loans (1,445 ) (545 ) (2,502 ) (2,011 ) (2,567 ) (2,937 ) Proceeds from option exercise 8 - 8 - - 9 Proceeds from private placement of shares 12,663 - 12,663 - - 14,864 Sale of shares in subsidiaries to non-controlling interests 12,214 - 33,066 - - 38,814 Payment of principal of lease liabilities (279 ) (179 ) (731 ) (665 ) (2,941 ) (858 ) Proceeds from long and short-term loans 1,129 8,829 19,028 19,307 19,482 22,336 Repayment of long-term loans (23,387 ) (441 ) (30,140 ) (7,108 ) (11,776 ) (35,379 ) Repayment of debentures - - (35,691 ) (35,845 ) (35,845 ) (41,895 ) Proceeds from the sale of tax credits 10,160 - 10,160 - - 11,926 Proceeds from issuance of debentures, net - 11,966 56,729 57,756 74,159 66,591 Net cash provided by financing activities 11,063 19,630 63,065 35,169 42,961 74,029 Effect of exchange rate fluctuations on cash and cash equivalents 1,347 (1,408 ) (2,419 ) (220 ) 3,092 (2,840 ) Increase (decrease) in cash and cash equivalents 2,788 (7,588 ) 8,154 (3,099 ) (10,421 ) 9,571 Cash and cash equivalents at the beginning of the period 46,500 56,044 41,134 51,127 51,127 48,285 Cash from (used in) disposal groups classified as held-for-sale - - - 428 428 - Cash and cash equivalents at the end of the period 49,288 48,456 49,288 48,456 41,134 57,856
Author: Ellomay Capital Ltd
Published at: 2025-12-30 21:31:00
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