After a 200% Stock Surge: Largest Energy Company on the Exchange Releases Reports
Enlight, the largest renewable energy company on the Tel Aviv Stock Exchange, reported its results for the second quarter of 2026. Revenue for the quarter grew by 55% to approximately 210 million dollars.
Enlight, the largest renewable energy company on the Tel Aviv Stock Exchange with a market cap of approximately 35 billion shekels, published its results for the second quarter of 2026 — an exceptionally strong quarter.
Before diving into the numbers, it is worth understanding why this affects almost every Israeli saver: the stock has surged about 73% since the beginning of the year and about 200% over the last year. It is widely held by pension funds, provident funds, and funds tracking Tel Aviv indices. Anyone with pension savings has likely benefited from this rally without even noticing.
Revenue for the quarter grew by 55% to approximately 210 million dollars, and adjusted EBITDA jumped by 67% to approximately 160 million dollars. Net profit rose to 31 million dollars, compared to 6 million in the same quarter last year, and cash flow from operating activities increased by 37% to approximately 84 million dollars.
Part of the jump was due to a one-time profit of about 17 million dollars from the sale of an additional stake in the Sunlight portfolio. Excluding this, EBITDA still grew by 50%.
The news that moved investors is the upward revision of the forecast for all of 2026. Enlight is raising its revenue range to 790 to 820 million dollars, and its EBITDA to a range of 565 to 585 million dollars. The reasons: strong operational performance, high electricity prices in Europe, and currency effects. In other words, the company not only met its targets but upgraded them mid-year.
Beyond the quarter, Enlight is accumulating strategic assets. In the US, it completed a financial closing of 2.6 billion dollars for the CO Bar project, the largest financing deal in its history, and signed a 15-year power supply agreement with Google to power the giant's server farms in Oklahoma.
The explosive demand for electricity from artificial intelligence data centers is turning clean energy producers into suppliers for the AI industry. At the same time, the company significantly exceeded the American Safe Harbor targets, which grant tax benefits, and reached a capacity of 17.9 gigawatts — more than double its original estimate.
But what about the risks? The 200% rally means the stock is already pricing in very high expectations, and any future disappointment could be painful. The company relies on heavy financing in a high-interest-rate environment, on US regulation that could change, and on electricity prices that do not always remain high. Some of the profits are one-time and will not recur every quarter. Therefore, even for those holding through pension funds, this is a reminder that the exposure exists and that it works both ways.
Adi Levitan, CEO of Enlight, stated:
"We are concluding another quarter of significant growth across all parameters. The performance of the first half, alongside the progress of projects and the expansion of energy storage activity, allows us to raise the revenue and Adjusted EBITDA forecast for 2026 and the expected revenue run rate for the end of 2028. The completion of the 2.6 billion dollar financing for the CO Bar complex and the additional milestones achieved in the quarter reflect our execution and financing capabilities and the trust of our partners. Against the backdrop of growing demand for electricity and the best market conditions in the last decade, Enlight is in the strongest position in its history, with a broad portfolio, a strong balance sheet, and proven execution capability, which allow us to accelerate the company's growth."
