Ellomay Capital Ltd. reported unaudited financial results for the year ended December 31 2025, showing revenue of €42.8 million, a net loss of €6 million, and EBITDA of €33.4 million. The company’s loss narrowed from the €9 million loss recorded in 2024, while EBITDA rose from €25.1 million, reflecting improved operational performance across its renewable‑energy portfolio.
In the fourth quarter, Ellomay generated €10 million in revenue, up from €8.7 million in Q4 2024, and posted a loss of €14.5 million versus €11.5 million in the same period last year. EBITDA for the quarter was €5.2 million, down from €7.6 million in Q4 2024, largely due to the one‑time €14.5 million gain on a bargain purchase of Dorad Energy that was included in the full‑year EBITDA calculation.
Revenue growth was driven by the connection of 19.8 MW and 18.1 MW of Italian solar capacity in early 2024 and 2025, and by U.S. projects that were connected in the second quarter of 2025. Headwinds included lower revenue from Dutch biogas plants caused by production issues and high temperatures, as well as reduced electricity prices in Spain. The €14.5 million gain on the Dorad Energy purchase boosted EBITDA but did not affect the net loss figure.
Ellomay’s asset base expanded to €845.6 million in 2025 from €677.3 million in 2024. The company completed construction of 160 MW of new solar capacity in Italy, expected to be finished by year‑end 2026, and secured project finance for its 198 MW Italian solar portfolio, with the first drawdown completed in late 2025. Battery‑storage negotiations in northern Italy are progressing, with a non‑binding offer for a 50 MW/peak‑4‑hour facility and consideration of a 100 MW/peak‑4‑hour option. Dutch biogas operations are expanding, with licenses to increase production at two additional facilities and at the GGOT plant. Management also announced the sale of the indirect Dorad Energy stake and a control‑stake sale to O.Y. Nofar Energy, while debenture holders approved related change‑of‑control amendments.
The results signal a company in a growth phase: a narrower loss, a significant EBITDA jump, and a larger asset base. The company’s focus on expanding solar capacity, adding battery storage, and scaling biogas production positions it to capture higher revenue streams in 2026. Management expressed confidence that the pipeline of new projects will drive a substantial revenue increase next year, while acknowledging the temporary headwinds from biogas production issues and lower Spanish electricity prices. Overall, the financial performance and strategic developments suggest a strengthening of Ellomay’s market position and a positive trajectory for future earnings.
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