TEL AVIV, Israel, Nov. 30, 2025 (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 three and nine months ended September 30, 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 November 30, 2025, 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 quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly 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 three and nine months ended September 30, 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 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 three months ended September 30, 2025 --
approximately NIS 919.1 million.
-- Dorad's operating profit for the three months ended September 30, 2025 --
approximately NIS 205.8 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. Therefore, the results presented for the quarter ended September 30, 2025, which include the summer months of July-September, are not indicative of full year results. In addition, due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility and regulatory changes, the results included herein may not be indicative of third quarter results in the future or comparable to third quarter results in the past.
A convenience translation of the financial results for Dorad as of and for the year ended December 31, 2024 and as of and for each of the three and nine month periods ended September 30, 2025 and 2024 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, the 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
commenced construction processes;
-- Solar projects in Italy with an aggregate capacity of 134 MW that have
reached "ready to build" status; and
-- Solar projects in the Dallas Metropolitan area, Texas, USA with an
aggregate capacity of approximately 27 MW that are connected to the grid
and additional 22 MW that are awaiting connection to the grid.
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 outcome of legal proceedings involving Dorad and its shareholders, 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.
Interim Condensed Statements of Financial Position
------------------------------------------------------------------------
September 30 September 30 December 31
2025 2024 2024
------------- ------------- -------------
(Unaudited) (Unaudited) (Audited)
------------- ------------- -------------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and cash equivalents 1,074,718 531,210 846,565
Trade receivables and
accrued income 426,129 497,530 185,625
Other receivables 29,843 43,413 32,400
Financial derivatives - 1,661 -
------------- ------------- -------------
Total current assets 1,530,690 1,073,814 1,064,590
------------- ------------- -------------
Non-current assets
Restricted deposits 480,877 529,875 531,569
Long-term prepaid expenses 78,657 28,538 79,739
Fixed assets 2,595,943 2,953,489 2,697,592
Intangible assets 10,701 8,134 9,688
Right of use assets 52,636 54,250 54,199
------------- ------------- -------------
Total non-current assets 3,218,814 3,574,286 3,372,787
------------- ------------- -------------
Total assets 4,749,504 4,648,100 4,437,377
============= ============= =============
Liabilities
Current maturities of loans
from banks 341,094 341,281 321,805
Current maturities of lease
liabilities 5,124 4,941 4,887
Current tax liabilities 35,763 - 14,016
Trade payables 384,283 440,303 168,637
Other payables 39,862 10,914 14,971
Financial derivatives 1,793 - -
------------- ------------- -------------
Total current liabilities 807,919 797,439 524,316
------------- ------------- -------------
Non-current liabilities
Loans from banks 1,650,143 1,904,195 1,750,457
Other long-term liabilities 38,756 9,827 60,987
Long-term lease liabilities 48,942 50,061 46,809
Provision for dismantling
and restoration 38,039 36,204 38,102
Deferred tax liabilities,
net 416,965 354,503 399,282
Liabilities for employee
benefits, net 160 160 160
------------- ------------- -------------
Total non-current
liabilities 2,193,005 2,354,950 2,295,797
------------- ------------- -------------
Equity
Share capital 11 11 11
Share premium 642,199 642,199 642,199
Capital reserve from
activities with
shareholders 3,748 3,748 3,748
Retained earnings 1,102,622 849,753 971,306
------------- ------------- -------------
Total equity 1,748,580 1,495,711 1,617,264
------------- ------------- -------------
Total liabilities and
equity 4,749,504 4,648,100 4,437,377
============= ============= =============
Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
------------------------------------------------------------------------------
For the nine months For the three months Year
ended ended ended
December
September 30 September 30 31
------------------------ ------------------------ ---------
2025 2024 2025 2024 2024
----------- ----------- ----------- ----------- ---------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
----------- ----------- ----------- ----------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
----------- ----------- ----------- ----------- ---------
Revenues 2,096,391 2,366,358 919,055 1,096,456 2,863,770
Operating costs
of the Power
Plant:
Energy costs 348,607 483,965 168,087 193,180 574,572
Purchases of
electricity
and
infrastructure
services 1,073,708 1,073,350 418,989 505,678 1,372,618
Depreciation
and
amortization 168,757 183,735 65,909 68,016 106,266
Other operating
costs 140,072 141,992 51,116 59,227 190,027
----------- ----------- ----------- ----------- ---------
Total operating
costs of Power
Plant 1,731,144 1,883,042 704,101 826,101 2,243,483
----------- ----------- ----------- ----------- ---------
Profit from
operating the
Power Plant 365,247 483,316 214,954 270,355 620,287
General and
administrative
expenses 25,698 25,328 9,209 8,600 23,929
Other income 15 30 15 30 58
----------- ----------- ----------- ----------- ---------
Operating
profit 339,564 458,018 205,760 261,785 596,416
Financing
income 47,422 40,982 15,277 9,098 184,939
Financing
expenses 216,241 166,818 67,355 63,736 193,825
----------- ----------- ----------- ----------- ---------
Financing
expenses, net 168,819 125,836 52,078 54,638 8,886
----------- ----------- ----------- ----------- ---------
Profit before
taxes on
income 170,745 332,182 153,682 207,147 587,530
Taxes on income 39,429 76,408 35,305 47,664 135,203
----------- ----------- ----------- ----------- ---------
Net Profit for
the period 131,316 255,774 118,377 159,483 452,327
=========== =========== =========== =========== =========
Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders'
Equity
----------------------------------------------------------------------
Capital
reserve for
activities
Share Share with Retained Total
capital premium shareholders earnings Equity
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
--------- --------- ------------ --------- ---------
For the nine
months ended
September
30, 2025
(Unaudited)
Balance as
at January
1, 2025
(Audited) 11 642,199 3,748 971,306 1,617,264
Net Profit
for the
period - - - 131,316 131,316
--------- --------- ------------ --------- ---------
Balance as
at
September
30, 2025
(Unaudited) 11 642,199 3,748 1,102,622 1,748,580
========= ========= ============ ========= =========
For the nine months
ended September 30, 2024
(Unaudited)
Balance as at January
1,2024 (Audited) 11 642,199 3,748 643,979 1,289,937
Net Profit for the
period - - - 255,774 255,774
Dividend distributed - - - (50,000) (50,000)
------- ----- ------- ---------
Balance as at September
30, 2024 (Unaudited) 11 642,199 3,748 849,753 1,495,711
======= ===== ======= =========
For the three months
ended September 30, 2025
(Unaudited)
Balance as at July 1,
2025 (Unaudited) 11 642,199 3,748 984,245 1,630,203
Net Profit for the
period - - - 118,377 118,377
------- ----- --------- ---------
Balance as at September
30, 2025 (Unaudited) 11 642,199 3,748 1,102,622 1,748,580
======= ===== ========= =========
For the three months
ended September 30, 2024
(Unaudited)
Balance as at July 1,
2024 (Unaudited) 11 642,199 3,748 740,270 1,386,228
Net Profit for the
period - - - 159,483 159,483
Dividend distributed - - - (50,000) (50,000)
------- ----- ------- ---------
Balance as at September
30, 2024 (Unaudited) 11 642,199 3,748 849,753 1,495,711
======= ===== ======= =========
Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders'
Equity (cont'd)
-----------------------------------------------------------------------
Capital
reserve for
activities
Share Share with Retained Total
capital premium shareholders earnings Equity
--------- --------- ------------ --------- ---------
NIS NIS NIS NIS NIS
thousands thousands thousands thousands thousands
--------- --------- ------------ --------- ---------
For the year
ended
December 31,
2024
(Audited)
Balance as at
January 1,
2024
(Audited) 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
(Audited) 11 642,199 3,748 971,306 1,617,264
--------- --------- ------------ --------- ---------
Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
----------------------------------------------------------------------------------
Year ended
For the nine months For the three months December
ended September 30 ended September 30 31
-------------------------- -------------------------- -----------
2025 2024 2025 2024 2024
----------- ------------- ----------- ------------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
----------- ------------- ----------- ------------- -----------
NIS NIS NIS
thousands NIS thousands thousands NIS thousands thousands
----------- ------------- ----------- ------------- -----------
Cash flows
from
operating
activities
Net profit
for the
period 131,316 255,774 118,377 159,483 452,327
Adjustments:
Depreciation
and
amortization
and fuel
consumption 177,626 190,559 67,342 68,217 121,664
Taxes on
income 39,429 76,408 35,305 47,664 135,203
Financing
expenses,
net 168,819 125,836 52,078 54,638 8,886
---------- --------- ---------- --------- ---------
385,874 392,803 154,725 170,519 265,753
---------- --------- ---------- --------- ---------
Change in
trade
receivables (240,504) (285,664) (132,459) (181,157) 26,241
Change in
other
receivables 2,556 (36,467) 5,852 7,454 (20,951)
Change in
trade
payables 269,285 266,099 150,256 207,978 (10,361
Change in
other
payables 25,285 (3,033) 23,608 909 (3,481)
Change in
other
long-term
liabilities (19,059) (3,115) 1,627 (999) (3,661)
---------- --------- ---------- --------- ---------
37,563 (62,180) 48,884 34,185 (12,213)
---------- --------- ---------- --------- ---------
Net cash
flows from
operating
activities 554,753 586,397 321,986 364,187 705,867
---------- --------- ---------- --------- ---------
Cash flows
from
investing
activities
Proceeds
(payment)
for
settlement
of financial
derivatives,
net (2,927) (2,653) (3,429) (1,603) 1,548
Proceeds from
insurance
for damages
to fixed
assets - 5,148 - - 5,148
Proceeds from
arbitration - - - - 337,905
Decrease in
restricted
deposits - 17,500 - - 17,500
Investment in
fixed
assets (71,472) (34,782) (1,175) (2,646) (44,132)
Investment in
intangible
assets (2,395) (1,974) (452) (505) (4,054)
Interest
received 44,293 29,673 14,615 10,096 42,221
---------- --------- ---------- --------- ---------
Net cash
flows from
(used in)
investing
activities (32,501) 12,912 9,559 5,342 356,136
---------- --------- ---------- --------- ---------
Cash flows
from
financing
activities
Repayment of
lease
liability (227) (329) (114) (111) (4,984)
Repayment of
loans from
banks (164,899) (141,966) - - (284,570)
Dividends
paid - (67,500) - (50,000) (142,500)
Interest paid (53,810) (72,910) (154) (155) (129,957)
Proceeds from
arbitration - - - - 127,195
---------- --------- ---------- --------- ---------
Net cash
flows used
in financing
activities (218,936) (282,705) (268) (50,266) (434,816)
---------- --------- ---------- --------- ---------
Net increase
in cash and
cash
equivalents 303,316 316,604 331,277 319,263 627,187
---------- --------- ---------- --------- ---------
Effect of
exchange
rate
fluctuations
on cash and
cash
equivalents (75,163) (4,640) (15,540) (6,120) 132
Cash and cash
equivalents
at beginning
of period 846,565 219,246 758,981 218,067 219,246
---------- --------- ---------- --------- ---------
Cash and cash
equivalents
at end of
period 1,074,718 531,210 1,074,718 531,210 846,565
========== ========= ========== ========= =========
(a)
significant
non- cash
activity
Liability
for gas
agreements - - - - 56,208
-------------
(END) Dow Jones Newswires
November 30, 2025 12:25 ET (17:25 GMT)