Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Three and Nine Months Ended September 30, 2025

TEL AVIV, Israel, Nov. 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 USA, today reported the publication in Israel of financial statements as of and for the three and nine months ended September 30, 2025 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 16.9% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. ("Ellomay Luzon Energy").

On November 30, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the "Luzon Group"), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 33.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad as of and for the three and nine months ended September 30, 2025 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results for this period. In an effort to provide Ellomay's shareholders with access to Dorad's financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation of Dorad's financial results.

Dorad Financial Highlights

• Dorad's revenues for the three months ended September 30, 2025 – approximately NIS 919.1 million.
• Dorad's operating profit for the three months ended September 30, 2025 – approximately NIS 205.8 million.

Based on the information provided by Dorad, the demand for electricity by Dorad's customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad's revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Therefore, the results presented for the quarter ended September 30, 2025, which include the summer months of July-September, are not indicative of full year results. In addition, due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility and regulatory changes, the results included herein may not be indicative of third quarter results in the future or comparable to third quarter results in the past.

A convenience translation of the financial results for Dorad as of and for the year ended December 31, 2024 and as of and for each of the three and nine month periods ended September 30, 2025 and 2024 is included at the end of this press release. Ellomay does not undertake to separately report Dorad's financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in 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, the 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 commenced construction processes;
• Solar projects in Italy with an aggregate capacity of 134 MW that have reached "ready to build" status; and
• Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 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, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the outcome of legal proceedings involving Dorad and its shareholders, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad's facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company's and Dorad's business that 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] 

Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
		September 30		September 30		December 31
		2025		2024		2024
		(Unaudited)		(Unaudited)		(Audited)
		NIS thousands		NIS thousands		NIS thousands
Assets
Cash and cash equivalents		1,074,718		531,210		846,565
Trade receivables and accrued income		426,129		497,530		185,625
Other receivables		29,843		43,413		32,400
Financial derivatives		-		1,661		-
Total current assets		1,530,690		1,073,814		1,064,590
Non-current assets
Restricted deposits		480,877		529,875		531,569
Long-term prepaid expenses		78,657		28,538		79,739
Fixed assets		2,595,943		2,953,489		2,697,592
Intangible assets		10,701		8,134		9,688
Right of use assets		52,636		54,250		54,199
Total non-current assets		3,218,814		3,574,286		3,372,787
Total assets		4,749,504		4,648,100		4,437,377
Liabilities
Current maturities of loans from banks		341,094		341,281		321,805
Current maturities of lease liabilities		5,124		4,941		4,887
Current tax liabilities		35,763		-		14,016
Trade payables		384,283		440,303		168,637
Other payables		39,862		10,914		14,971
Financial derivatives		1,793		-		-
Total current liabilities		807,919		797,439		524,316
Non-current liabilities
Loans from banks		1,650,143		1,904,195		1,750,457
Other long-term liabilities		38,756		9,827		60,987
Long-term lease liabilities		48,942		50,061		46,809
Provision for dismantling and restoration		38,039		36,204		38,102
Deferred tax liabilities, net		416,965		354,503		399,282
Liabilities for employee benefits, net		160		160		160
Total non-current liabilities		2,193,005		2,354,950		2,295,797
Equity
Share capital		11		11		11
Share premium		642,199		642,199		642,199
Capital reserve from activities with shareholders		3,748		3,748		3,748
Retained earnings		1,102,622		849,753		971,306
Total equity		1,748,580		1,495,711		1,617,264
Total liabilities and equity		4,749,504		4,648,100		4,437,377

Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
	For the nine months ended						For the three months ended					Year ended
	September 30						September 30					December 31
	2025			2024			2025			2024		2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)		(Audited)
	NIS thousands			NIS thousands			NIS thousands			NIS thousands		NIS thousands
Revenues	2,096,391			2,366,358			919,055			1,096,456		2,863,770
Operating costs of the Power Plant:
Energy costs	348,607			483,965			168,087			193,180		574,572
Purchases of electricity and infrastructure services	1,073,708			1,073,350			418,989			505,678		1,372,618
Depreciation and amortization	168,757			183,735			65,909			68,016		106,266
Other operating costs	140,072			141,992			51,116			59,227		190,027
Total operating costs of Power Plant	1,731,144			1,883,042			704,101			826,101		2,243,483
Profit from operating the Power Plant	365,247			483,316			214,954			270,355		620,287
General and administrative expenses	25,698			25,328			9,209			8,600		23,929
Other income	15			30			15			30		58
Operating profit	339,564			458,018			205,760			261,785		596,416
Financing income	47,422			40,982			15,277			9,098		184,939
Financing expenses	216,241			166,818			67,355			63,736		193,825
Financing expenses, net	168,819			125,836			52,078			54,638		8,886
Profit before taxes on income	170,745			332,182			153,682			207,147		587,530
Taxes on income	39,429			76,408			35,305			47,664		135,203
Net Profit for the period	131,316			255,774			118,377			159,483		452,327

Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders' Equity
	Share capital		Share premium		Capital reserve for activities with shareholders		Retained earnings			Total Equity
	NIS thousands		NIS thousands		NIS thousands		NIS thousands			NIS thousands
For the nine months ended September 30, 2025 (Unaudited)
Balance as at  January 1, 2025 (Audited)	11		642,199		3,748		971,306			1,617,264
Net Profit for the period	-		-		-		131,316			131,316
Balance as at   September 30, 2025 (Unaudited)	11		642,199		3,748		1,102,622			1,748,580

For the nine months ended September 30, 2024 (Unaudited)
Balance as at  January 1,2024 (Audited)	11		642,199		3,748		643,979			1,289,937
Net Profit for the period	-		-		-		255,774			255,774
Dividend distributed	-		-		-		(50,000	)		(50,000	)
Balance as at  September 30, 2024 (Unaudited)	11		642,199		3,748		849,753			1,495,711

For the three months ended September 30, 2025 (Unaudited)
Balance as at  July 1, 2025 (Unaudited)	11		642,199		3,748		984,245			1,630,203
Net Profit for the period	-		-		-		118,377			118,377
Balance as at  September 30, 2025 (Unaudited)	11		642,199		3,748		1,102,622			1,748,580

For the three months ended September 30, 2024 (Unaudited)
Balance as at  July 1, 2024 (Unaudited)	11		642,199		3,748		740,270			1,386,228
Net Profit for the period	-		-		-		159,483			159,483
Dividend distributed	-		-		-		(50,000	)		(50,000	)
Balance as at  September 30, 2024 (Unaudited)	11		642,199		3,748		849,753			1,495,711

Dorad Energy Ltd.
Interim Condensed Statements of Changes in Shareholders' Equity (cont'd)
		Share capital			Share premium			Capital reserve for activities with shareholders			Retained earnings			Total Equity
		NIS thousands			NIS thousands			NIS thousands			NIS thousands			NIS thousands
For the year ended  December 31, 2024 (Audited)
Balance as at   January 1, 2024 (Audited)		11			642,199			3,748			643,979			1,289,937
Dividend distributed		-			-			-			(125,000)			(125,000)
Net profit for the year		-			-			-			452,327			452,327
Balance as at December 31, 2024 (Audited)		11			642,199			3,748			971,306			1,617,264

Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
	For the nine months ended September 30								For the three months ended September 30							Year ended December 31
	2025				2024				2025				2024			2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)			(Audited)
	NIS thousands				NIS thousands				NIS thousands				NIS thousands			NIS thousands
Cash flows from operating activities
Net profit for the period	131,316				255,774				118,377				159,483			452,327
Adjustments:
Depreciation and amortization and fuel consumption	177,626				190,559				67,342				68,217			121,664
Taxes on income	39,429				76,408				35,305				47,664			135,203
Financing expenses, net	168,819				125,836				52,078				54,638			8,886
	385,874				392,803				154,725				170,519			265,753
Change in trade receivables	(240,504		)		(285,664		)		(132,459		)		(181,157	)		26,241
Change in other receivables	2,556				(36,467		)		5,852				7,454			(20,951)
Change in trade payables	269,285				266,099				150,256				207,978			(10,361
Change in other payables	25,285				(3,033		)		23,608				909			(3,481)
Change in other long-term liabilities	(19,059		)		(3,115		)		1,627				(999	)		(3,661)
	37,563				(62,180		)		48,884				34,185			(12,213)
Net cash flows from operating activities	554,753				586,397				321,986				364,187			705,867
Cash flows from investing activities
Proceeds (payment) for settlement of financial derivatives, net	(2,927		)		(2,653		)		(3,429		)		(1,603	)		1,548
Proceeds from insurance for damages to fixed assets	-				5,148				-				-			5,148
Proceeds from arbitration	-				-				-				-			337,905
Decrease in restricted deposits	-				17,500				-				-			17,500
Investment in fixed assets	(71,472		)		(34,782		)		(1,175		)		(2,646	)		(44,132)
Investment in intangible assets	(2,395		)		(1,974		)		(452		)		(505	)		(4,054)
Interest received	44,293				29,673				14,615				10,096			42,221
Net cash flows from (used in) investing activities	(32,501		)		12,912				9,559				5,342			356,136
Cash flows from financing activities
Repayment of lease liability	(227		)		(329		)		(114		)		(111	)		(4,984)
Repayment of loans from banks	(164,899		)		(141,966		)		-				-			(284,570)
Dividends paid	-				(67,500		)		-				(50,000	)		(142,500)
Interest paid	(53,810		)		(72,910		)		(154		)		(155	)		(129,957)
Proceeds from arbitration	-				-				-				-			127,195
Net cash flows used in financing activities	(218,936		)		(282,705		)		(268		)		(50,266	)		(434,816)
Net increase in cash and cash equivalents	303,316				316,604				331,277				319,263			627,187
Effect of exchange rate fluctuations on cash and cash equivalents	(75,163		)		(4,640		)		(15,540		)		(6,120	)		132
Cash and cash equivalents at beginning of period	846,565				219,246				758,981				218,067			219,246
Cash and cash equivalents at end of period	1,074,718				531,210				1,074,718				531,210			846,565
(a) significant non- cash activity Liability for gas agreements	-				-				-				-			56,208