EX-99.1 2 ea028397301ex99-1.htm PRESS RELEASE

Exhibit 99.1

 

 

Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Year Ended December 31, 2025

 

Tel-Aviv, Israel, Mar. 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

 

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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 

 

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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 

 

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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 

 

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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    - 

 

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