ELLO Ellomay Capital Ltd.
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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.
Actionable Insight
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.
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
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 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 27, 2026
17d ago
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6-K
| $24.64 $22.38 | ▲ +9.17% | ▲ +9.64% | $21.11 (+14.33%) |
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May 27, 2026
17d ago
|
Press Release
| $24.64 $22.38 | ▼ −9.17% | ▼ −9.64% | $21.11 (−14.33%) |
|
May 1, 2026
6w ago
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Press Release
| $26.10 $24.50 | ▼ −6.13% | ▼ −8.48% | $21.11 (−19.12%) |
|
Apr 1, 2026
10w ago
|
6-K
| $24.31 $24.90 | ▲ +2.43% | ▼ −1.34% | $21.11 (−13.16%) |
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Apr 1, 2026
10w ago
|
Press Release
| $24.31 $24.90 | ▲ +2.43% | ▼ −1.34% | $21.11 (−13.16%) |
|
Mar 30, 2026
10w ago
|
6-K
| $24.30 $25.00 | ▲ +2.88% | ▼ −1.42% | $21.11 (−13.13%) |
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