Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2026

TEL-AVIV, Israel, Aug. 18, 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, USA and Israel, today reported its unaudited interim consolidated financial results for the three and six-month periods ended June 30, 2026.

Financial Highlights

• Total assets as of June 30, 2026 amounted to approximately €959.2 million (including approximately €113.5 million in cash and cash equivalents and approximately €53.3 million in short term deposits), compared to total assets as of December 31, 2025 of approximately €843.5 million (including approximately €87.6 million in cash and cash equivalents).
• Revenues1 for the three months ended June 30, 2026 were approximately €12.4 million, compared to revenues of approximately €11.3 million for the three months ended June 30, 2025. Revenues for the six months ended June 30, 2026 were approximately €21.1 million, compared to revenues of approximately €20.1 million for the six months ended June 30, 2025.
• Profit for the three months ended June 30, 2026 was approximately €70.5 million, compared to loss of approximately €8.4 million for the three months ended June 30, 2025. Profit for the six months ended June 30, 2026 was approximately €58.3 million, compared to loss of approximately €1.6 million for the six months ended June 30, 2025.
• EBITDA for the three months ended June 30, 2026 was approximately €88.5 million, compared to EBITDA of approximately €3.2 million for the three months ended June 30, 2025. EBITDA for the six months ended June 30, 2026 was approximately €90.6 million, compared to EBITDA of approximately €6.1 million for the six months ended June 30, 2025. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA and the table on page 15 of this press release for a reconciliation of these numbers to profit and loss.
• In May 2026, the Company completed the sale of its indirect holdings in Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”) for a purchase price of approximately NIS 560 million (approximately €167 million). Consequently, the Company’s share of profits of Ellomay Luzon Energy, which was an equity accounted investee, after elimination of intercompany transactions, was presented as discontinued operations and results from prior periods were adjusted accordingly. In connection with such sale, the Company recorded a net profit of €94.8 million (representing a capital gain, gross, in the amount of €110.8 million, net of taxes in the amount of €16 million, comprised of tax expense on income of approximately €27.8 million and a tax benefit from the utilization of losses of €11.8 million) in the three months ended June 30, 2026.
  
  In connection with such sale, in May 2026 the Company executed an early repayment of its Series E Secured Debentures, which were secured by a pledge on the Ellomay Luzon Energy shares. The principal of the Series E Secured Debentures was NIS 165 million (approximately €46.5 million) and the aggregate repayment amount was approximately NIS 170 million (approximately €47.9 million), which includes accrued interest and the early repayment fee.
  
  

Financial Overview for the Six Months Ended June 30, 2026

• Revenues were approximately €21.1 million for the six months ended June 30, 2026, compared to approximately €20.1 million for the six months ended June 30, 2025. The increase in revenues mainly resulted from revenues generated by four solar facilities in the USA that were connected to the grid during the second and third quarters of 2025 and during the second quarter of 2026, and from increased production and revenues from the Company's biogas facilities in the Netherlands, partially offset by decreases in the electricity prices in Italy and Spain commencing 2025 and during the first half of 2026.
• Operating expenses were approximately €9.8 million for the six months ended June 30, 2026, compared to approximately €9.2 million for the six months ended June 30, 2025. The increase in operating expenses mainly resulted from higher operating expenses of the Company's biogas facilities in the Netherlands, reflecting their increased production, and by the achievement of the preliminary acceptance certificate (“PAC”) for the Company’s 18 MW Italian solar facility subsequent to June 30, 2025. This increase was partially offset by a lower 7% Spanish tax on revenues generated from electricity production due to a decrease in revenues as a result of lower electricity prices. Depreciation and amortization expenses were approximately €9.1 million for the six months ended June 30, 2026, compared to approximately €8.5 million for the six months ended June 30, 2025.
• Project development costs were approximately €0.8 million for the six months ended June 30, 2026, compared to approximately €2.9 million for the six months ended June 30, 2025. The decrease in project development costs is mainly due to projects that reached “ready to build” (“RTB”) or “permission to operate” (“PTO”) status, which resulted in the commencement of capitalization of expenses related to such projects into fixed assets.
• General and administrative expenses were approximately €4.9 million for the six months ended June 30, 2026, compared to approximately €3.4 million for the six months ended June 30, 2025. The increase in general and administrative expenses is mainly due to higher payroll expenses, due to payment bonuses to employees, higher insurance expenses, reflecting a run-off insurance policy purchased in connection with the change of control in the Company, and higher consulting expenses.
• Other income was approximately €1.8 million for the six months ended June 30, 2026, compared to approximately €1.4 million for the six months ended June 30, 2025. The other income recognized during the six months ended June 30, 2026 mainly resulted from the recognition of a proportional share of deferred income related to tax credits in connection with the Company’s USA solar facilities. The other income during the six months ended June 30, 2025 was recognized based on agreed compensation expected to be received from the engineering, procurement and construction (“EPC”) contractor of two of the Company’s USA solar facilities for loss of income due to delays in construction.
• Financing expenses, net was approximately €32.6 million for the six months ended June 30, 2026, compared to financing expenses, net of approximately €1 million for the six months ended June 30, 2025. The change in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €24.7 million for the six months ended June 30, 2026, compared to income from exchange rate differences of approximately €5.6 million for the six months ended June 30, 2025, an aggregate change of approximately €30.3 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 9.4% appreciation of the NIS against the euro during the six months ended June 30, 2026, compared to a 4.2% devaluation of the NIS against the euro during the six months ended June 30, 2025. The increase in financing expenses, net also resulted from an increase of approximately €1.6 million in interest expenses in connection with the Company’s debentures and financing expenses of approximately €1.2 million in connection with the early repayment of the Series E Secured Debentures, partially offset by an increase of approximately €3.1 million in income resulting from revaluation of warrants.
• Tax benefit was approximately €9.4 million for the six months ended June 30, 2026, compared to tax benefit of approximately €1.8 million for the six months ended June 30, 2025. The change is mainly due to tax benefit in the amount of €11.8 million resulting from the utilization of current and carryforward losses in connection with the sale of the investment in Ellomay Luzon Energy in May 2026. Such tax benefit was partially offset by a decrease of approximately €2.4 million in deferred tax asset recorded by one of the Company’s Spanish facilities in connection with the expected utilization of excess financing expenses. Such decrease was due to a change in estimate in respect of the expected utilization based on updated forecasts.
• Loss from continuing operations was approximately €25 million for the six months ended June 30, 2026, compared to a loss from continuing operations of approximately €1.6 million for the six months ended June 30, 2025.
• Profit from discontinued operation (net of tax) was approximately €83.3 million for the six months ended June 30, 2026, compared to profit from discontinued operation (net of tax) of approximately €12 thousand for the six months ended June 30, 2025. As noted above, the profit from discontinued operations reflects the Company’s share of profits of Ellomay Luzon Energy, an equity accounted investee that was sold in May 2026.
• Profit for the six months ended June 30, 2026 was approximately €58.3 million, compared to loss of approximately €1.6 million for the six months ended June 30, 2025.
• Total other comprehensive income was approximately €8.7 million for the six months ended June 30, 2026, compared to total other comprehensive loss of approximately €8.7 million for the six months ended June 30, 2025. The change in total other comprehensive income (loss) primarily resulted from foreign currency translation adjustments due to the change in the NIS/euro exchange rate, representing a change of approximately €16.3 million. The change also resulted from an approximately €1.1 million changes in fair value of cash flow hedges.
• Total comprehensive income was approximately €67 million for the six months ended June 30, 2026, compared to total comprehensive loss of approximately €10.3 million for the six months ended June 30, 2025.
• EBITDA was approximately €90.6 million for the six months ended June 30, 2026, compared to approximately €6.1 million for the six months ended June 30, 2025. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA and the table on page 15 of this press release for a reconciliation of these numbers to profit and loss.
• Net cash used in operating activities was approximately €3.7 million for the six months ended June 30, 2026, compared to net cash generated from operating activities of approximately €5.1 million for the six months ended June 30, 2025. The change in net cash used in operating activities mainly resulted from lower revenues from the Company's Italian and Spanish solar facilities and increased expenditure, including interest on Debentures and loans paid and an expense in connection with the early repayment of the Series E Secured Debentures.
  
  

CEO Review First Half 2026

In the first half of 2026, the Company’s revenues amounted to approximately €21.1 million, compared to revenues of approximately €20.1 million in the corresponding half last year. The increase in revenues was primarily attributable to the biogas activity in the Netherlands. Electricity prices in Spain during the first half were significantly lower compared to the corresponding half last year, while higher solar radiation increased output and partially offset the price decline. Electricity prices in Spain rose sharply after the balance sheet date, and we expect to see the impact in the third quarter. In Italy, prices are stable, although revenues declined half over half due to the transition to selling electricity under PPAs starting January 2026, compared to selling electricity at market prices in the corresponding half last year. The approximately 9% strengthening of the NIS against the euro during the half resulted in finance expenses of approximately €24.7 million in the first half of 2026, compared to finance income of approximately €5.6 million in the corresponding half last year resulting from the appreciation of the euro against the NIS. Net of exchange rate differences, finance expenses for the half amounted to approximately €2.3 million.

In the first quarter of 2026, an agreement was signed for the sale of the Company’s 50% interest in Ellomay Luzon Energy Infrastructures Ltd., which holds a 33.75% interest in Dorad Energy Ltd., based on a Dorad valuation of NIS 4.4 billion. The transaction was completed in May 2026, and the Company received consideration of approximately NIS 560 million.

In Italy – 38 MW solar (51% owned in partnership with Clal) is fully operating. An additional 10 MW project was connected to the grid after the balance sheet date. Construction works on additional projects with an aggregate capacity of 150 MW solar (also 51% owned in partnership with Clal) are partly in grid connection stages and partly in advanced construction, expected to be completed 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. Construction of these 264 MW is scheduled to begin in the last quarter of 2026. Out of the 210 MW ready for construction, approximately 100 MW (2 projects) won the FER X tender, which guarantees a 20-year electricity sale contract at high prices. The Company is examining the establishment of battery-based electricity storage facilities in northern Italy. As part of this review, an agreement has been signed for the acquisition of a license with RTB status for a 50 MW peak per hour battery storage facility with 4 hours of storage capacity, and the possibility of acquiring an additional license for a 100 MW peak per hour facility with 4 hours of storage is also being considered.

In the USA – the construction of the first five projects has been completed, of which four have been connected to the grid; the fifth project (Hillsboro, 14 MW) is expected to be connected to the grid in September 2026. The Company has begun construction of two additional projects of approximately 14 MW each in the Houston area, which are eligible for tax benefits under current regulation (a benefit of approximately 40%). Regulatory changes and uncertainty regarding tariff rates do not allow the Company to provide a forecast beyond the above, but the assumption is that the Company will find a way to continue developing and growing its portfolio in the USA in the near future.

In the Netherlands – the license to increase production at the GGOT facility was received. The Company is in the final planning stages of the expansion project at GGOT, and the plan is to complete the project by the end of 2027. The two additional facilities are in advanced stages of receiving production increase licenses. The new regulation requiring the blending of green gas with fossil gas will commence in January 2027 (a one-year delay), however the targets for the first year have been increased. Agreements have been signed for the sale of green certificates issued in accordance with 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 under current production capacity. Following receipt of approvals to increase production quotas, the Company plans to increase production capacity from 16 million cubic meters of gas per year to approximately 24 million cubic meters of gas per year at the existing facilities. This is expected to lead to a material increase in revenues and profit.

In Israel – at the Manara pumped storage project, works across the entire project site are progressing as planned. The Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war-related damages at the Manara project. In parallel, the Company is awaiting the lenders’ approval for the changes required to the financing agreement as a result of the war.

In Spain – the Company operates the existing photovoltaic portfolio (335 MWh). The Company’s development activity in Spain currently focuses on battery electricity storage, whereby at Ellomay Solar (28 MW solar) the construction of a 22.7 MW peak facility with 4 hours of battery storage is planned for January 2027. The Company is also advancing a battery storage project for Talasol (250 MW peak with 4 hours of battery storage). The high volatility in electricity prices in Spain stems from a surplus of renewable energy during transition seasons and during hours of green energy production. The solution to this problem is a significant increase in storage capacity, which is currently very limited 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 15 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 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 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 48 MW of operating solar power plants in Italy;
• 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 150 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 49 MW that are connected to the grid and 14 MW that is 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 impact of the continued military conflict between Russia and Ukraine, 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, 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, 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 the 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]

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position   June 30,
2026 December 31,
2025 June 30,
2026 Unaudited Audited Unaudited € in thousands Convenience Translation into US$ in thousands*Assets      Current assets:      Cash and cash equivalents 113,474 87,614 129,344Short-term deposits 53,322 - 60,780Restricted cash 590 656 673Intangible asset from green certificates 602 29 686Trade and revenue receivables 7,630 7,236 8,697Other receivables 15,365 14,918 17,514Derivatives 5,057 3,743 5,764  196,040 114,196 223,458Non-current assets      Investment in equity accounted investee - 59,542 -Fixed assets 654,974 566,876 746,578Right-of-use asset 48,380 44,386 55,146Restricted cash and deposits 15,695 16,071 17,890Deferred tax 9,652 11,914 11,002Long term receivables 20,870 18,097 23,789Derivatives 13,576 12,433 15,475  763,147 729,319 869,880Total assets 959,187 843,515 1,093,338       Liabilities and Equity      Current liabilities      Current maturities of long-term bank loans 45,481 17,235 51,842Current maturities of other long-term loans 6,124 3,666 6,980Current maturities of debentures 55,702 39,803 63,492Trade payables 11,792 6,719 13,441Other payables 18,204 16,633 20,751Derivatives 1,534 675 1,749Current maturities of lease liabilities 950 844 1,083Income tax payables 16,721 512 19,060Warrants 2,062 5,929 2,350  158,570 92,016 180,748Non-current liabilities      Long-term lease liabilities 39,266 35,491 44,758Long-term bank loans 298,808 272,388 340,599Other long-term loans 60,688 58,457 69,176Debentures 157,261 209,374 179,255Deferred tax 3,478 3,170 3,964Other long-term liabilities 7,833 6,179 8,928Derivatives 967 1,300 1,102  568,301 586,359 647,782Total liabilities 726,871 678,375 828,530       Equity      Share capital 28,008 28,002 31,925Share premium 96,757 96,585 110,289Treasury shares (1,736) (1,736) (1,979)Transaction reserve with non-controlling interests 14,763 14,757 16,828Reserves 24,377 16,674 27,787Retained earnings (accumulated deficit) 48,198 (13,694) 54,939Total equity attributed to shareholders of the Company 210,367 140,588 239,789Non-controlling interest 21,949 24,552 25,019Total equity 232,316 165,140 264,808Total liabilities and equity 959,187 843,515 1,093,338

* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)   For the three months ended June 30, For the six months ended June 30, For the year ended December 31, For the six months ended June 30, 2026 2025 2026 2025 2025 2026 Unaudited Audited Unaudited € in thousands (except per share data) Convenience Translation into US$*Revenues 12,419 11,276 21,084 20,136 42,827 24,033Operating expenses (4,771) (4,579) (9,848) (9,206) (19,408) (11,225)Depreciation and amortization expenses (4,593) (4,250) (9,109) (8,488) (16,481) (10,383)Gross profit 3,055 2,447 2,127 2,442 6,938 2,425             Project development costs (435) (1,825) (810) (2,870) (2,649) (923)General and administrative expenses (2,467) (1,722) (4,942) (3,384) (6,369) (5,633)Other income 722 1,233 1,802 1,431 3,599 2,054Operating profit (loss) 875 133 (1,823) (2,381) 1,519 (2,077)             Financing income (expense) 834 (4,430) 1,428 7,051 2,876 1,628Financing income (expenses) in connection with derivatives and warrants, net 3,048 815 3,540 439 (3,917) 4,035Financing expenses in connection with projects finance (1,492) (1,602) (2,922) (2,976) (6,612) (3,331)Financing expenses in connection with debentures (2,578) (2,260) (6,530) (4,000) (8,316) (7,443)Interest expenses on minority shareholder loan (821) (454) (1,556) (930) (2,047) (1,774)Other financing expenses (23,371) (268) (26,560) (562) (9,342) (30,275)Financing expenses, net (24,380) (8,199) (32,600) (978) (27,358) (37,160)             Loss before taxes on income (23,505) (8,066) (34,423) (3,359) (25,839) (39,237)Tax benefit 10,976 849 9,376 1,771 2,528 10,687Loss for the period from continuing operations (12,529) (7,217) (25,047) (1,588) (23,311) (28,550)Profit from discontinued operation (net of tax) 83,036 (1,177) 83,334 12 16,930 94,989Profit (loss) for the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439Profit (loss) attributable to:            Owners of the Company 72,335 (7,684) 61,892 310 (2,133) 70,549Non-controlling interests (1,828) (710) (3,605) (1,886) (4,248) (4,110)Profit (loss) for the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439Other comprehensive income (loss) item            that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            Foreign currency translation differences for foreign operations 14,016 490 16,518 (9,048) 2,517 18,829Foreign currency translation differences for foreign operations that were recognized in profit or loss (9,225) - (9,225) - - (10,515)Effective portion of change in fair value of cash flow hedges 360 (1,630) 4,444 2,634 2,546 5,066Net change in fair value of cash flow hedges transferred to profit or loss (2,364) (2,619) (3,032) (2,282) (2,734) (3,456)Total other comprehensive income (loss) 2,787 (3,759) 8,705 (8,696) 2,329 9,924             Total other comprehensive income (loss) attributable to:            Owners of the Company 3,493 (1,898) 7,703 (8,855) 2,336 8,781Non-controlling interests (706) (1,861) 1,002 159 (7) 1,143Total other comprehensive income (loss) for the period 2,787 (3,759) 8,705 (8,696) 2,329 9,924Total comprehensive income (loss) for the period 73,294 (12,153) 66,992 (10,272) (4,052) 76,363             Total comprehensive income (loss) attributable to:            Owners of the Company 75,828 (9,582) 69,595 (8,545) 203 79,330Non-controlling interests (2,534) (2,571) (2,603) (1,727) (4,255) (2,967)Total comprehensive income (loss) for the period 73,294 (12,153) 66,992 (10,272) (4,052) 76,363

* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US $ 1.14)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
   For the three months ended June 30, For the six months ended June 30, For the year ended December 31, For the six months ended June 30,             2026 2025 2026 2025 2025 2026 Unaudited Audited Unaudited  
€ in thousands (except per share data) Convenience Translation into US$*Basic profit (loss) per share 5.25 (0.60) 4.49 0.02 (0.16) 5.12Diluted profit (loss) per share 5.25 (0.60) 4.47 0.02 (0.16) 5.10             Basic profit (loss) per share continuing operations 5.24 (0.51) (1.56) 0.02 (1.44) (1.77)Diluted profit (loss) per share continuing operations 5.24 (0.51) (1.55) 0.02 (1.44) (1.77)             Basic profit per share discontinued operation 0.01 0.09 6.05 - 1.28 6.89Diluted profit per share discontinued operation 0.01 0.09 6.02 - 1.28 6.86             

* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity       Attributable to shareholders of the Company Non- controlling Total     Interests Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from
foreign operations Hedging reserve Transaction reserve with
non-controlling interests Total     € in thousandsFor the six months ended                    June 30, 2026 (unaudited):                    Balance as at January 1, 2026 28,002 96,585 (13,694) (1,736) 10,935 5,739 14,757 140,588 24,552 165,140Profit (loss) for the period - - 61,892 - - - - 61,892 (3,605) 58,287Other comprehensive income (loss) for the period - - - - 6,995 708 - 7,703 1,002 8,705Total comprehensive income (loss) for the period - - 61,892 - 6,995 708 - 69,595 (2,603) 66,992Transactions with owners of the Company, recognized directly in equity:                    Proceeds from transactions with non-controlling interests - - - - - - 6 6 - 6Options exercise 6 18 - - - - - 24 - 24Share-based payments - 154 - - - - - 154 - 154Balance as at June 30, 2026 28,008 96,757 48,198 (1,736) 17,930 6,447 14,763 210,367 21,949 232,316                                          For the six months ended                    June 30, 2025 (unaudited):                    Balance as at January 1, 2025 25,613 86,271 (11,561) (1,736) 8,446 5,892 5,697 118,622 10,663 129,285Profit (loss) for the period - - 310 - - - - 310 (1,886) (1,576)Other comprehensive income (loss) for the period - - - - (8,900) 45 - (8,855) 159 (8,696)Total comprehensive income (loss) for the period - - 310 - (8,900) 45 - (8,545) (1,727) (10,272)Transactions with owners of the Company, recognized directly in equity:                    Sale of shares in subsidiaries from non-controlling interests - - - - - - 9,060 9,060 16,996 26,056Issuance of capital note to non-controlling interest - - - - - - - - 1,148 1,148Share-based payments - 4 - - - - - 4 - 4Balance as at June 30, 2025 25,613 86,275 (11,251) (1,736) (454) 5,937 14,757 119,141 27,080 146,221                     

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)       Attributable to shareholders of the Company Non- controlling Total     interests Equity Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
foreign operations Hedging reserve Transaction reserve with
non-controlling interests Total     € in thousandsFor the year ended                    December 31, 2025 (audited):                    Balance as at January 1, 2025 25,613 86,271 (11,561) (1,736) 8,446 5,892 5,697 118,622 10,663 129,285Loss for the year - - (2,133) - - – - (2,133) (4,248) (6,381)Other comprehensive income (loss) for the year - - - - 2,489 (153) - 2,336 (7) 2,329Total comprehensive income (loss)for the year - - (2,133) - 2,489 (153) - 203 (4,255) (4,052)Transactions with owners of the Company, recognized directly in equity:                    Sale of shares in subsidiaries from non-controlling interests - - - - - - 9,060 9,060 16,997 26,057Options exercise 7 17 - - - - - 24 - 24Issuance of ordinary shares 2,382 10,281 - - - - - 12,663 - 12,663Issuance of capital note to non-controlling interests - - - - - - - - 1,147 1,147Share-based payments - 16 - - - - - 16 - 16Balance as at December 31, 2025 28,002 96,585 (13,694) (1,736) 10,935 5,739 14,757 140,588 24,552 165,140                     

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)       Attributable to shareholders of the Company Non- controlling Total     interests Equity Share capital Share premium Accumulated deficit (retained earnings) Treasury shares Translation reserve from
foreign operations Hedging Reserve Transaction reserve with
Non-controlling interests Total     
Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)For the six months ended June 30, 2026 (unaudited):                    Balance as at January 1, 2026 31,918 110,092 (15,610) (1,979) 12,464 6,542 16,821 160,248 27,986 188,234Profit (loss) for the period - - 70,549 - - - - 70,549 (4,110) 66,439Other comprehensive income (loss) for the period - - - - 7,974 807 - 8,781 1,143 9,924Total comprehensive income (loss) for the period - - 70,549 - 7,974 807 - 79,330 (2,967) 76,363Transactions with owners of the Company, recognized directly in equity:                    Proceeds from transactions with non-controlling interests - - - - - - 7 7 - 7Options exercise 7 21 - - - - - 28 - 28Share-based payments - 176 - - - - - 176 - 176Balance as at June 30, 2026 31,925 110,289 54,939 (1,979) 20,438 7,349 16,828 239,789 25,019 264,808                     

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow
   For the three months ended June 30, For the six months ended June 30, For the year ended December 31, For the six months ended June 30 2026 2025 2026 2025 2025 2026 Unaudited Audited Unaudited € in thousands Convenience Translation into US$*Cash flows from operating activities            Profit (loss) for the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439Adjustments for:            Financing expenses, net 24,380 8,199 32,600 978 27,358 37,160Profit from settlement of derivatives contract - - - - 424 -Profit from discontinued operations (110,804) - (110,804) - - (126,301)Share of (profits) loss of equity accounted investee - 1,177 (298) (12) (16,930) (340)Taxes on income in connection with the sale of an equity accounted investee 27,785 - 27,785 - - 31,671Depreciation and amortization expenses 4,593 4,250 9,109 8,488 16,481 10,383Share-based payment transactions 154 - 154 4 16 176Loss on early redemption of debentures (1,224) - (1,224) - - (1,395)Change in trade receivables and other receivables 1,516 1,207 (2,295) 7,385 5,883 (2,616)Change in other assets (196) (506) (196) (1,002) (713) (224)Change in trade payables 20 1,411 (80) 2,678 551 (91)Change in other payables 2,272 548 1,003 (4,810) (5,832) 1,143Tax benefit (10,976) (849) (9,376) (1,771) (2,528) (10,687)Income taxes paid 104 (27) (500) (27) (583) (571)Interest received 616 993 1,325 1,344 2,160 1,510Interest paid (6,002) (3,218) (9,231) (6,626) (17,470) (10,522)  (72,305) 13,185 (62,028) 6,629 8,817 (70,704)Net cash provided by (used in) operating activities (1,799) 4,791 (3,741) 5,053 2,436 (4,265)Cash flows from investing activities            Acquisition of fixed assets (55,193) (18,380) (66,408) (36,930) (97,828) (75,696)Interest paid capitalized to fixed assets (832) (951) (1,806) (1,827) (4,052) (2,059)Proceeds from a sale of an equity accounted investee 167,503 - 167,503 - - 190,930Advances on account of investments - - - - 547 -Proceeds from (investment in) in restricted cash, net 21,857 (10,473) 2,131 (9,166) 1,584 2,429Investment in short-term deposits, net (55,025) 39,132 (55,025) - - (62,721)Net cash provided by (used in) investing activities 78,310 9,328 46,395 (47,923) (99,749) 52,883Cash flows from financing activities            Issuance of warrants - 475 - 475 475 -Cost associated with long-term loans (629) (399) (1,332) (1,057) (4,575) (1,518)Proceeds from issuance of shares - - - - 12,663 -Options exercise - - 24 - - 27Sale of shares in subsidiaries to non-controlling interests - 20,852 6 20,852 - 7Proceeds from minority partners in the Italian solar portfolio - - - - 51,458 -Payment of principal of lease liabilities (235) (80) (541) (452) (1,548) (617)Proceeds from short-term loans 11,194 17,434 24,338 17,434 - 27,742Proceeds from long-term loans 11,735 159 43,852 465 51,681 49,985Repayment of long-term loans (23,727) (4,961) (25,537) (6,753) (35,414) (29,109)Repayment of debentures (48,627) (35,691) (63,941) (35,691) (35,691) (72,884)Proceeds from issuance of debentures, net - - - 56,729 91,181 -Proceeds from the sale of tax credits - - 3,980 - 10,160 4,537Proceeds from exercise of options - - - - 24 -Net cash provided by (used in) financing activities (50,289) (2,211) (19,151) 52,002 140,414 (21,830)Effect of exchange rate fluctuations on cash and cash equivalents 3,554 (556) 2,357 (3,766) 3,379 2,687Increase in cash and cash equivalents 29,777 11,352 25,860 5,366 46,480 29,475Cash and cash equivalents at the beginning of the period 83,697 35,148 87,614 41,134 41,134 99,869Cash and cash equivalents at the end of the period 113,474 46,500 113,474 46,500 87,614 129,344

* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)

Ellomay Capital Ltd. and its Subsidiaries

Operating Segments (Unaudited)
   Italy Spain USA Netherlands Israel Total
reportable       Subsidized 28 MV              Total Solar Plants Solar Talasol Solar Biogas Dorad1 Manara segments Reconciliations consolidated For the six months ended June 30, 2026 € in thousands                       Revenues 2,282 1,222 394 8,339 717 8,130 15,195 - 36,279 (15,195) 21,084Operating expenses (391) (214) (285) (1,959) (156) (6,842) (11,732) - (21,579) 11,731 (9,848)Depreciation expenses (974) (491) (476) (5,798) (866) (453) (1,454) - (10,512) 1,403 (9,109)Gross profit (loss) 917 517 (367) 582 (305) 835 2,009 - 4,188 (2,061) 2,127                       Project development costs                     (810)General and administrative expenses                     (4,942)Other income, net                     1,802Operating profit (loss)                     (1,823)Financing income                     1,428Financing income in connection
with derivatives and warrants, net                     3,540Financing expenses in connection with projects finance                     (2,922)Financing expenses in connection with debentures                     (6,530)Interest expenses on minority shareholder loan                     (1,556)Other financing expenses                      Financing expenses, net                     (26,560)Loss before taxes on income from continuing operations                     (34,423)Profit from discontinued operation (net of tax)1                     

83,334                       Segment assets as at June 30, 2026 205,207 12,340 18,182 204,448 93,417 32,930 - 259,495 826,019 133,168 959,187

_____________________________
1 As a result of the sale of the Company’s indirect holdings in Ellomay Luzon Energy, the Company’s share of profits of Dorad, was recognized only up to the date of signing of the sale agreement and presented as discontinued operations.

Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Profit (Loss) to EBITDA (Unaudited)   For the three months ended June 30, For the six months ended June 30, For the year ended December 31, For the six months ended June 30, 2026 2025 2026 2025 2025 2026  € in thousands Convenience Translation into US$ in thousands*Net profit (loss) for the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439Financing expenses, net 24,380 8,199 32,600 978 27,358 37,160Tax benefit (10,976) (849) (9,376) (1,771) (2,528) (10,687)Depreciation and amortization expenses 4,593 4,250 9,109 8,488 16,481 10,383EBITDA 88,504 3,206 90,620 6,119 34,930 103,295

* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders 

Financial Covenants

Pursuant to the Deeds of Trust governing the Company’s Series D, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission dated April 30, 2026, and below.

Net Financial Debt

As of June 30, 2026, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €50.9 million (consisting of approximately €416.62 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €217.73 million in connection with (i) the Series D Convertible Debentures issuance (in February 2021), (ii) the Series F Debentures issuance (in January, April, August and November 2024) and (iii) the Series G Debentures issuance (in February and December 2025), net of approximately €166.8 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €416.64 million of project finance and related hedging transactions of the Company’s subsidiaries).

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d) 

Information for the Company’s Series D Debenture Holders

The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €220.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 18.7%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA5 was 0.4.

The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended June 30, 2026:

  For the four-quarter period
ended June 30, 2026 Unaudited € in thousandsProfit for the period 53,482Financing expenses, net 58,980Tax benefit (10,133)Depreciation and amortization expenses 17,102Share-based payments 166Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters6 210Adjusted EBITDA as defined the Series D Deed of Trust 119,807   

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d) 

Information for the Company’s Series F Debenture Holders

The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €220.2 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 18.8%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 0.4.

The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended June 30, 2026:

  For the four-quarter period ended June 30, 2026 Unaudited € in thousandsProfit for the period 53,482Financing expenses, net 58,980Taxes on income (10,133)Depreciation and amortization expenses 17,102Share-based payments 166Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 210Adjusted EBITDA as defined the Series F Deed of Trust 119,807   

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d) 

Information for the Company’s Series G Debenture Holders

The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €220.2 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 18.8%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 0.4.

The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended June 30, 2026:

  For the four-quarter period ended June 30, 2026 Unaudited € in thousandsProfit for the period 53,482Financing expenses, net 58,980Taxes on income (10,133)Depreciation and amortization expenses 17,102Share-based payments 166Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 210Adjusted EBITDA as defined the Series G Deed of Trust 119,807   

____________________________

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.

2 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €5.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

3 The amount of the debentures provided above includes an amount of approximately €3.4 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at June 30, 2026 in the amount of approximately €1.3 million.

4 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

5 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

6 The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.

7 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

8 The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.

9 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

10 The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.