ELLO Ellomay Capital Ltd
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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.
Actionable Insight
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.
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
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301707 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 27, 2026
17d ago
|
6-K
| $24.64 $22.38 | ▲ +9.17% | ▲ +9.64% | $21.11 (+14.33%) |
|
May 27, 2026
17d ago
|
Press Release
| $24.64 $22.38 | ▼ −9.17% | ▼ −9.64% | $21.11 (−14.33%) |
|
May 1, 2026
6w ago
|
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%) |
|
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%) |
US Market Status
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