Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Year Ended December 31, 2025
TEL-AVIV, Israel, March 31, 2026 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements as of and for the year ended December 31, 2025 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 16.9% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”).
On March 31, 2026, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 33.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.
The financial statements of Dorad as of and for the year ended December 31, 2025 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results and financial statements for this period. In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation of Dorad’s financial results.
Dorad Financial Highlights
- Dorad’s revenues for the year ended December 31, 2025 – approximately NIS 2,650.5 million.
- Dorad’s operating profit for the year ended December 31, 2025 – approximately NIS 385.4 million.
Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Due to various reasons, including the effects of the war between Iran and Israel and of a refinancing of Dorad’s debt, the results included herein may not be indicative of full year results in the future or comparable to full year results in the past.
The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, noting that on June 13, 2025, the war significantly expanded to an additional front, when the State of Israel entered a direct confrontation with Iran (the “Operation”), as a result of which the State of Israel declared a special state of emergency on the home front and the closure of the airspace. This confrontation further intensified the implications of the war on the activities of many companies in the economy. As a result of the Operation, Dorad’s revenues in June 2025 decreased by approximately 22% compared to June of the previous year. The operation ended on June 24, 2025, with a ceasefire agreement, and the economy returned to full activity. In addition, in October 2025, a ceasefire was reached between Israel and Hamas in the Gaza Strip. On February 28, 2026, a war broke between the US and Israel and Iran and at this stage it is too early to determine the impact, if any, on Dorad’s results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.
A convenience translation to English of the financial results for Dorad as of December 31, 2025 and 2024 and for each of the three years ended December 31, 2025 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
- 16.875% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
- 51% of solar projects in Italy with an aggregate capacity of 160 MW that are under construction;
- Solar projects in Italy with an aggregate capacity of 210 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 38 MW that are connected to the grid, 11 MW that are currently in the test run phase prior to commercial operation and 14 MW that are under construction.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. 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, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
| Dorad Energy Ltd. | ||||
| Statements of Financial Position | ||||
| December 31 | December 31 | |||
| 2025 | 2024 | |||
| NIS thousands | NIS thousands | |||
| Current assets | ||||
| Cash and cash equivalents | 695,247 | 846,565 | ||
| Trade receivables and accrued income | 305,139 | 185,625 | ||
| Other receivables | 51,703 | 32,400 | ||
| Total current assets | 1,052,089 | 1,064,590 | ||
| Restricted deposits | 495,192 | 531,569 | ||
| Long-term Prepaid expenses | 98,788 | 79,739 | ||
| Fixed assets | 2,578,120 | 2,697,592 | ||
| Intangible assets | 9,423 | 9,688 | ||
| Right of use assets | 51,599 | 54,199 | ||
| Total non-current assets | 3,233,122 | 3,372,787 | ||
| Total assets | 4,285,211 | 4,437,377 | ||
| Current maturities of loans from banks | 291,329 | 321,805 | ||
| Current maturities of lease liabilities | 5,298 | 4,887 | ||
| Current tax liabilities | 18,403 | 14,016 | ||
| Trade payables | 277,149 | 168,637 | ||
| Other payables | 103,604 | 14,971 | ||
| Total current liabilities | 695,783 | 524,316 | ||
| Loans from banks | 1,508,206 | 1,750,457 | ||
| Other long-term liabilities | 7,275 | 60,987 | ||
| Long-term lease liabilities | 44,441 | 46,809 | ||
| Provision for restoration and decommissioning | 38,886 | 38,102 | ||
| Deferred tax liabilities | 424,828 | 399,282 | ||
| Liabilities for employee benefits, net | 160 | 160 | ||
| Total non-current liabilities | 2,023,796 | 2,295,797 | ||
| Equity | ||||
| Share capital | 11 | 11 | ||
| Share premium | 642,199 | 642,199 | ||
| Capital reserve for activities with shareholders | 3,748 | 3,748 | ||
| Retained earnings | 919,674 | 971,306 | ||
| Total equity | 1,565,632 | 1,617,264 | ||
| Total liabilities and equity | 4,285,211 | 4,437,377 | ||
| Dorad Energy Ltd. | ||||||
| Statements of Profit or Loss for the Year Ended December 31 | ||||||
| 2025 | 2024 | 2023 | ||||
| NIS thousands | NIS thousands | NIS thousands | ||||
| Revenues | 2,650,533 | 2,863,770 | 2,722,396 | |||
| Operating costs of the power plant | ||||||
| Energy costs | 457,218 | 574,572 | 583,112 | |||
| Purchases of electricity and infrastructure services | 1,360,728 | 1,372,618 | 1,244,646 | |||
| Depreciation and amortization | 223,701 | 106,266 | 242,104 | |||
| Other operating costs | 187,916 | 190,027 | 186,024 | |||
| Total operating costs of the power plant | 2,229,563 | 2,243,483 | 2,255,886 | |||
| Profit from operating the power plant | 420,970 | 620,287 | 466,510 | |||
| General and administrative expenses | 35,628 | 23,929 | 27,668 | |||
| Other income | 36 | 58 | 39 | |||
| Operating profit | 385,378 | 596,416 | 438,881 | |||
| Financing income | 63,434 | 184,939 | 45,286 | |||
| Financing expenses | 256,638 | 193,825 | 209,773 | |||
| Financing expenses, net | 193,204 | 8,886 | 164,487 | |||
| Profit before taxes on income | 192,174 | 587,530 | 274,394 | |||
| Taxes on income | 43,806 | 135,203 | 63,079 | |||
| Net profit for the year | 148,368 | 452,327 | 211,315 | |||
| Dorad Energy Ltd. | ||||||||||
| Statements of Changes in Shareholders’ Equity | ||||||||||
| Capital | ||||||||||
| reserve for | ||||||||||
| activities with | ||||||||||
| Share | controlling | Retained | ||||||||
| Share capital | premium | shareholders | earnings | Total | ||||||
| NIS thousands | NIS thousands | NIS thousands | NIS thousands | NIS thousands | ||||||
| For the year ended December 31, 2025 | ||||||||||
| Balance as at January 1, 2025 | 11 | 642,199 | 3,748 | 971,306 | 1,617,264 | |||||
| Dividend distributed | – | – | – | (200,000 | ) | (200,000 | ) | |||
| Net profit for the year | – | – | – | 148,368 | 148,368 | |||||
| Balance as at December 31, 2025 | 11 | 642,199 | 3,748 | 919,674 | 1,565,632 | |||||
| For the year ended December 31, 2024 | ||||||||||
| Balance as at January 1, 2024 | 11 | 642,199 | 3,748 | 643,979 | 1,289,937 | |||||
| Dividend distributed | – | – | – | (125,000 | ) | (125,000 | ) | |||
| Net profit for the year | – | – | – | 452,327 | 452,327 | |||||
| Balance as at December 31, 2024 | 11 | 642,199 | 3,748 | 971,306 | 1,617,264 | |||||
| For the year ended December 31, 2023 | ||||||||||
| Balance as at January 1, 2023 | 11 | 642,199 | 3,748 | 572,664 | 1,218,622 | |||||
| Dividend distributed | – | – | – | (140,000 | ) | (140,000 | ) | |||
| Net profit for the year | – | – | – | 211,315 | 211,315 | |||||
| Balance as at December 31, 2023 | 11 | 642,199 | 3,748 | 643,979 | 1,289,937 | |||||
| Dorad Energy Ltd. | ||||||
| Statements of Cash Flows for the Year Ended December 31 | ||||||
| 2025 | 2024 | 2023 | ||||
| NIS thousands | NIS thousands | NIS thousands | ||||
| Cash flows from operating activities: | ||||||
| Net profit for the year | 148,368 | 452,327 | 211,315 | |||
| Adjustments to profit or loss items: | ||||||
| Depreciation, amortization, and diesel consumption | 257,015 | 121,664 | 245,566 | |||
| Taxes on income | 43,806 | 135,203 | 63,079 | |||
| Financing expenses, net | 193,204 | 8,886 | 164,487 | |||
| 494,025 | 265,753 | 473,132 | ||||
| Changes in asset and liability items: | ||||||
| Change in trade receivables and accrued income | (119,514 | ) | 26,241 | 26,715 | ||
| Change in other receivables | (19,304 | ) | (20,951 | ) | 20,714 | |
| Change in trade payables | 121,033 | (10,361 | ) | (115,976 | ) | |
| Change in other payables | 22,464 | (3,481 | ) | 2,507 | ||
| Change in other long-term liabilities | (27,664 | ) | (3,661 | ) | (4,586 | ) |
| (22,985 | ) | (12,213 | ) | (70,626 | ) | |
| Cash paid during the year for: | ||||||
| Taxes paid | (14,016 | ) | – | – | ||
| Net cash from operating activities | 605,392 | 705,867 | 613,821 | |||
| Cash flows from investing activities: | ||||||
| Proceeds (payment) from settlement of financial derivatives, net | (5,781 | ) | 1,548 | 8,884 | ||
| Changes in restricted deposits | 27,350 | 17,500 | 40,887 | |||
| Investment in fixed assets | (103,262 | ) | (44,132 | ) | (102,082 | ) |
| Proceeds from arbitration | – | 337,905 | – | |||
| Proceeds from insurance for damages to fixed assets | – | 5,148 | – | |||
| Investment in intangible assets | (4,668 | ) | (4,054 | ) | (3,162 | ) |
| Interest received | 59,519 | 42,221 | 33,501 | |||
| Net cash from (used in) investing activities | (26,842 | ) | 356,136 | (21,972 | ) | |
| Cash flows from financing activities: | ||||||
| Repayment of lease liability | (4,998 | ) | (4,984 | ) | (4,817 | ) |
| Repayment of loans from banks | (320,012 | ) | (284,570 | ) | (253,382 | ) |
| Dividends paid | (200,000 | ) | (142,500 | ) | (122,500 | ) |
| Interest paid | (105,341 | ) | (129,957 | ) | (151,220 | ) |
| Proceeds from arbitration | – | 127,195 | – | |||
| Net cash used in financing activities | (630,351 | ) | (434,816 | ) | (531,919 | ) |
| Net increase (decrease) in cash and cash equivalents | (51,801 | ) | 627,187 | 59,930 | ||
| Effect of exchange rate fluctuations on cash and | ||||||
| cash equivalents | (99,517 | ) | 132 | 7,835 | ||
| Cash and cash equivalents at beginning of year | 846,565 | 219,246 | 151,481 | |||
| Cash and cash equivalents at end of year | 695,247 | 846,565 | 219,246 | |||
| (a) Significant non-cash activity | ||||||
| Liability for gas agreements | 44,615 | 56,208 | – | |||
