Despite the jump in profit: The blow Energix suffered in its flagship project
The green energy company concludes a strong quarter in the USA and Europe, but is forced to deal with an impairment of 185 million shekels and is transferring operations to Lithuania.
Energix concludes the second quarter of 2026 with an improvement in financial and operational results and continued expansion in its markets of operation. The company's revenues totaled approximately 277 million shekels, an increase of about 11% compared to the corresponding quarter, including revenues from the partnership in the USA. The growth was mainly due to the connection of new projects in the USA, Poland, and Israel and an increase in electricity prices, which were partially offset by exchange rate effects and weak wind conditions in Poland.
EBITDA grew by about 12% and totaled approximately 199 million shekels, while project EBITDA rose by about 13% to approximately 237 million shekels. Net profit attributable to shareholders, excluding the impairment in the Aran project, jumped by about 92% and totaled approximately 57 million shekels.
On the other hand, the overall accounting bottom line recorded a loss of approximately 128 million shekels, mainly due to an impairment of approximately 185 million shekels following the freezing of construction works in the Aran project. The company reallocated the turbines from the project, with 11 transferred to the Jonava project in Lithuania, six to Banie 7 in Poland, and four others intended for projects in Europe.
Net financing expenses decreased by about 19% and totaled approximately 58 million shekels. In addition, the company reported a quarterly dividend distribution of approximately 58 million shekels, reflecting 10 agorot per share, out of an annual target of 40 agorot. Equity attributable to shareholders stands at approximately 2.3 billion shekels.
Energix confirms its forecasts for 2026, with revenues of 1.28 to 1.37 billion shekels and project EBITDA of 1.1 to 1.19 billion shekels. The company continues to meet its target for 2027, which includes more than 4GW of production and over 2GWh of storage. Currently, the company holds 1.7GW and 0.5GWh in commercial operation, alongside 2.4GW and 1.8GWh under construction or nearing construction. The 2030 target stands at at least 9GW and 7GWh.
In the USA, Energix expects to connect projects with a capacity of about 0.5GWp to the PJM grid by the end of 2026, alongside expansion into MISO. In addition, a memorandum of understanding was signed with MUFG to finance the E6 portfolio in the amount of up to 465 million dollars. The company acquired an additional 1GWp during the quarter as part of an agreement with First Solar, so its total Safe Harbor reached 8GWp, which implies tax benefits of more than 8 billion dollars.
Energix CEO, Asa Levinger, said:
"Energix ends the quarter while being at one of the strongest execution moments in its history."
Regarding the Aran project, he said:
"We froze the construction works, while continuing to exhaust the company's rights before the Prime Minister's Office and the relevant authorities. In parallel, we carried out a reallocation of the project's turbines in favor of accelerating growth in Europe."
