Q3 2025

Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2025

Tel-Aviv, Israel, Dec. 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 the USA, today reported its unaudited interim consolidated financial results for the three and nine month periods ended September 30, 2025.

Financial Highlights

  • Total assets as of September 30, 2025 amounted to approximately €759.4 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
  • Revenues1 for the three months ended September 30, 2025 were approximately €12.7 million, compared to revenues of approximately €12.3 million for the three months ended September 30, 2024. Revenues for the nine months ended September 30, 2025 were approximately €32.9 million, compared to revenues of approximately €31.8 million for the nine months ended September 30, 2024.
  • Profit for the three months ended September 30, 2025 was approximately €10.1 million, compared to profit of approximately €6.6 million for the three months ended September 30, 2024. Profit for the nine months ended September 30, 2025 was approximately €8.5 million, compared to profit of approximately €3.3 million for the nine months ended September 30, 2024.
  • EBITDA for the three months ended September 30, 2025 was approximately €22.1 million, compared to EBITDA of approximately €11 million for the three months ended September 30, 2024. EBITDA for the nine months ended September 30, 2025 was approximately €28.2 million, compared to EBITDA of approximately €17.6 million for the nine months ended September 30, 2024. See below under “Use of Non- IFRS Financial Measures” for additional disclosure concerning EBITDA.

Financial Overview for the Nine Months Ended September 30, 2025

  • Revenues1 were approximately €32.9 million for the nine months ended September 30, 2025, compared to approximately €31.8 million for the nine months ended September 30, 2024. The increase in revenues mainly results from revenues generated from the Company’s 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively, and from the Company’s facilities in the USA that were connected to the grid during the second quarter of 2025. Such increase was partly offset by lower revenues from the Company’s Dutch biogas plants, one of which experienced a production issue related to the bacteria used by the plant that affected output in January and April 2025 and another facility whose output was adversely affected during the summer months due to high temperatures. In addition, revenues from the Talasol facility were slightly lower in the nine months ended September 30, 2025, due to damage caused by a fire event that occurred in July 2024, that has since been repaired and restored to nearly 97% output, though not yet fully recovered.
  • Operating expenses were approximately €14.4 million for the nine months ended September 30, 2025, compared to approximately €14.5 million for the nine months ended September 30, 2024. The decrease in operating expenses mainly results from lower costs in connection with the acquisition of feedstock by the Company’s Dutch biogas plants, partially offset by the achievement of preliminary acceptance certificate (PAC) of the Company’s 19.8 MW Italian solar facilities subsequent to September 30, 2024, upon which the Company commenced recording operating expenses of the solar facilities. Depreciation and amortization expenses were approximately €12.9 million for the nine months ended September 30, 2025, compared to approximately €12.3 million for the nine months ended September 30, 2024.
  • Project development costs were approximately €3.4 million for the nine months ended September 30, 2025,

compared to approximately €3.3 million for the nine months ended September 30, 2024.

1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

  • General and administrative expenses were approximately €5.2 million for the nine months ended September 30, 2025, compared to approximately €4.7 million for the nine months ended September 30, 2024. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
  • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €17 million for the nine months ended September 30, 2025, compared to approximately €5.3 million for the nine months ended September 30, 2024. The increase in share of profits of equity accounted investee was mainly due to the recording of a gain on bargain purchase by Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”), an equity accounted investee of the Company, in the amount of NIS 112.8 million (approximately €28.7 million based on the average EUR/USD exchange rate for the year 2025) in connection with the acquisition on July 22, 2025 of 15% of the outstanding share capital of Dorad Energy Ltd. (“Dorad”) by Ellomay Luzon Energy reflecting the excess of the net amount recognized at the acquisition date for the identifiable assets over the cost of the acquired Dorad shares.
  • Other income, net was approximately €1.3 million for the nine months ended September 30, 2025, compared to €2.9 for the nine months ended September 30, 2024. The other income recognized for the nine months ended September 30, 2025 is based on agreed compensation expected to be received from the EPC contractor of two of the Company’s USA solar facilities for loss of income due to delays in construction and the other income recognized for the nine months ended September 30, 2024 is based on compensation received from insurance in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets.
  • Financing expense, net was approximately €8.7 million for the nine months ended September 30, 2025, compared to financing expense, net of approximately €2 million for the nine months ended September 30, 2024. The change in financing expenses, net, was mainly attributable to lower income resulting from exchange rate differences that amounted to approximately €1.6 million for the nine months ended September 30, 2025, compared to approximately €5.2 million for the nine months ended September 30, 2024, an aggregate change of approximately €3.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 2.2% devaluation of the NIS against the euro during the nine months ended September 30, 2025, compared to 3.5% devaluation of the NIS against the euro during the nine months ended September 30, 2024. The increase in financing expense for the nine months ended September 30, 2025 was also attributable to an increase in financing expense of approximately €3.4 million in connection with derivatives and warrants for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was partially offset by increased interest income on balances mainly deposited by the Company for short-term periods.
  • Tax benefit was approximately €1.8 million for the nine months ended September 30, 2025, compared to a tax benefit of approximately €0.1 million for the nine months ended September 30, 2024. The change is primarily attributable to the tax impact of the investment transaction with Clal Insurance Company Ltd. (“Clal”) in the Company’s 198 MW solar portfolio, which is expected to be fully offset through the utilization of current losses.
  • Profit for the nine months ended September 30, 2025 was approximately €8.5 million, compared to a profit

of approximately €3.3 million for the nine months ended September 30, 2024.

  • Total other comprehensive loss was approximately €8.6 million for the nine months ended September 30, 2025, compared to total other comprehensive income of approximately €2.6 million for the nine months ended September 30, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
  • Total comprehensive loss was approximately €0.1 million for the nine months ended September 30, 2025, compared to total comprehensive income of approximately €5.9 million for the nine months ended September 30, 2024.
  • Net cash provided by operating activities was approximately €8.5 million for the nine months ended September 30, 2025, compared to approximately €5.5 million for the nine months ended September 30, 2024. The increase in net cash provided by operating activities for the nine months ended September 30, 2025, is mainly due to income produced by the Company’s Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, three of the Company’s facilities in Texas USA that were connected to the grid and commenced commissioning tests in April 2024, and 2024 related subsidies that were paid to the Company’s Dutch biogas plants in 2025.
  • In September 2025, the Company received tax credits in respect of two facilities in the USA in an aggregate amount of approximately €10 million, which were presented as cash flows provided by financing activities.

CEO Review for the First Nine Months of 2025

In the first nine months, the Company’s revenues amounted to approximately €32.9 million, an increase of approximately 3% in revenues compared to the corresponding period last year. Cash provided by operating activities was approximately €8.5 million in the first nine months compared to approximately

€5.5 million in the corresponding period last year. The EBITDA for the first nine months of 2025 was approximately €28.2 million, compared to approximately €17.6 million in the corresponding period last year.

In the first nine months of 2025, there was a significant advancement in the construction and connection to the grid of new projects, which are expected to contribute to a significant increase in the Company’s revenues during 2026.

In Italy – 38 MW solar (51% owned in partnership with Clal) are fully operating. The construction work on additional 160 MW solar (51% owned in partnership with Clal) has begun and construction is progressing as planned and is expected to finish by the end of 2026. The remainder of the portfolio developed by the Company (100% owned) is approximately 264 MW solar, of which 210 MW have reached Ready to Build status as of the date hereof and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026. The Company signed a power purchase agreement (PPA) with a leading European entity for the operating projects with an aggregate capacity of 38 MW and the Company intends to continue to execute PPAs for the remainder of the portfolio.

In the USA – The construction of the first 4 projects (49 MW) has been completed, three of them were connected to the grid at the end of the first half of 2025 and the fourth project will be connected in the near future. The Company has begun construction of the Hillsboro project (14 MW solar + two hours of battery storage). The Company is examining the possibility of entering into the construction of two additional projects that will fall within the current tax benefit framework. The regulatory changes and the uncertainty regarding tariff rates do not allow the Company to provide a forecast beyond what has been said, but the assumption is that the Company will find a way to continue developing and increasing the portfolio in the near future.

In the Netherlands – the license to increase production at the GGOT facility was received. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) exercised its right of refusal in connection with the Zorlu-Phoenix transaction for the sale of Dorad’s shares and acquired an additional 15% of Dorad’s shares so that its holdings in Dorad are currently 33.75%. Dorad notified of the approval of its board of directors to advance to financial closing of Dorad 2 and the intention is to try to reach financial closing by June 30, 2026.

Dorad finished the third quarter with a profit of approximately NIS 118.4 million, despite a decline of approximately 10% in the USD exchange rate, which caused an accounting expense during the period of approximately NIS 69 million on Dorad’s USD deposits. Dorad has future expenses in USD (gas purchases, operation and maintenance payments, construction of Dorad 2) that constitute a natural hedge for the USD

deposits. Dorad is actively advancing the establishment of the Dorad 2 project (an expansion of the existing power station using an H-type turbine with a generation capacity of approximately 700 MWh).

In Spain – The Company’s development activity in Spain focuses on energy storage in batteries, whereby the process for obtaining license for Ellomay Solar (28 MWp for two hours of battery storage) is in advanced stages and is expected to be received in the coming months. In addition, the Company is advancing a battery storage project for Talasol (120 MWp). The high volatility in electricity prices in Spain stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain.

Use of Non-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 14 of 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 Capital 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 and additional 11 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, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the outcome of legal proceedings in connection with Dorad Energy Ltd., technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, the impact of the continued military conflict between Russia and Ukraine, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business 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: [email protected]