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Ellomay Capital Ltd.

ELLO Utilities Utilities Renewable

Ellomay Capital Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $50.3 million, up 19.4% from fiscal 2024. In the quarter to June 2026, revenue grew 7.04%, EPS grew 1,038.5%, free cash flow fell 268.3% and total debt rose 24.4%, each against the same quarter a year earlier.

21.06 0.74 −3.39%
Market cap
$300.4M
P/E
4.2×
Fwd P/E
−72.4×
Dividend yield
—
F-score
5/9
Altman Z
0.31
Beneish M
−2.47
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Ellomay Capital Ltd. (ELLO) Business Profile

Updated before January 2025

Company Overview

Ellomay Capital Ltd. (NASDAQ: ELLO) is a prominent renewable energy and infrastructure company headquartered in Tel Aviv, Israel. Established in 1987, the company initially operated as a real estate investment firm but transitioned its focus to renewable energy and infrastructure projects in the early 2000s. This strategic pivot was driven by the growing global demand for sustainable energy solutions. Ellomay Capital is led by a seasoned management team, with Ran Fridrich serving as the CEO and a member of the Board of Directors. Under his leadership, the company has expanded its portfolio to include solar photovoltaic (PV) plants, waste-to-energy facilities, and natural gas-powered plants across Europe and Israel.

Ellomay Capital is listed on both the NASDAQ and the Tel Aviv Stock Exchange (TASE), reflecting its strong financial standing and commitment to transparency. The company’s mission is to contribute to the global transition to clean energy while delivering value to its shareholders.

Core Business Segments

Ellomay Capital operates in three primary business segments:

1. Renewable Energy Projects

Ellomay Capital owns and operates several solar PV plants in Spain and Italy, with a combined capacity of over 300 MW. These facilities harness solar energy to produce clean electricity, which is sold to national grids under long-term power purchase agreements (PPAs). The company is also involved in the development of new solar projects, including large-scale installations in Israel and Europe.

2. Waste-to-Energy Facilities

The company has invested in waste-to-energy projects, which convert municipal solid waste into electricity and heat. These facilities not only generate renewable energy but also address waste management challenges in urban areas. Ellomay’s waste-to-energy projects are primarily located in the Netherlands, where the company has partnered with local municipalities and private entities.

3. Natural Gas-Powered Plants

Ellomay Capital owns a stake in the Dorad Energy Ltd. power plant, one of Israel’s largest private power stations. The plant has a capacity of approximately 850 MW and uses natural gas as its primary fuel source. This segment complements the company’s renewable energy portfolio by providing a reliable and efficient energy supply.

Business Model

Ellomay Capital’s business model is centered around the development, ownership, and operation of energy infrastructure projects. The company generates revenue through:

  • Electricity Sales: Selling electricity produced by its solar PV plants, waste-to-energy facilities, and natural gas-powered plants to national grids and private customers under long-term PPAs.
  • Equity Investments: Holding equity stakes in energy projects, such as the Dorad power plant, which provide steady income through dividends.
  • Project Development: Developing new renewable energy projects and selling them to third parties or retaining ownership for long-term revenue generation.

Ellomay’s integrated approach allows it to leverage its expertise in project development, financing, and operations to maximize returns and minimize risks.

Strategic Direction

Ellomay Capital is committed to expanding its renewable energy portfolio and contributing to global sustainability goals. The company’s strategic priorities include:

  • Capacity Expansion: Developing new solar PV and waste-to-energy projects in Europe and Israel to increase its total installed capacity.
  • Technological Innovation: Investing in advanced technologies to improve the efficiency and reliability of its energy facilities.
  • Sustainability Goals: Aligning its operations with global climate targets by reducing greenhouse gas emissions and promoting circular economy principles.
  • Geographic Diversification: Exploring opportunities in new markets, such as North America and Asia, to reduce dependence on specific regions.

Competitive Landscape

Ellomay Capital operates in a highly competitive industry, facing competition from both established energy companies and emerging players. Key competitors include:

  • SolarEdge Technologies: A leading provider of solar energy solutions with a strong presence in Europe and North America.
  • Ormat Technologies: Specializing in geothermal energy, Ormat competes with Ellomay in the renewable energy sector.
  • Enel Green Power: A global leader in renewable energy, offering solar, wind, and hydroelectric solutions.
  • Veolia: A major player in waste-to-energy projects, competing with Ellomay in the European market.

Despite the competition, Ellomay Capital differentiates itself through its focus on niche markets and long-term partnerships.

Risk Factors

Ellomay Capital faces several risks that could impact its operations and financial performance:

  • Regulatory Risks: Changes in government policies or regulations related to renewable energy could affect the profitability of its projects.
  • Market Dependence: The company’s revenue is heavily dependent on electricity sales, which are influenced by market demand and pricing.
  • Supply Chain Disruptions: Delays in the procurement of equipment or materials could impact project timelines and costs.
  • Geopolitical Risks: Operating in multiple countries exposes the company to geopolitical uncertainties and currency fluctuations.

Recent Developments

In recent years, Ellomay Capital has made significant progress in expanding its renewable energy portfolio. Key developments include:

  • Solar PV Projects in Israel: The company has initiated the development of several large-scale solar PV projects in Israel, with a combined capacity of over 200 MW.
  • Waste-to-Energy Expansion: Ellomay has partnered with Dutch municipalities to develop new waste-to-energy facilities, enhancing its presence in the European market.
  • Technological Upgrades: The company has invested in advanced monitoring and control systems to optimize the performance of its energy facilities.
  • COVID-19 Impact: While the pandemic caused minor delays in project timelines, Ellomay Capital demonstrated resilience by maintaining steady operations and revenue streams.

Investment Considerations

Ellomay Capital offers several strengths and risks for potential investors:

Strengths

  • Diverse Portfolio: A balanced mix of renewable and conventional energy assets.
  • Long-Term Contracts: Stable revenue streams from long-term PPAs.
  • Experienced Leadership: A seasoned management team with a proven track record.

Risks

  • Regulatory Uncertainty: Dependence on government policies and incentives.
  • Market Volatility: Exposure to fluctuations in electricity prices and demand.
  • Geopolitical Risks: Operating in multiple regions with varying risk profiles.

Conclusion

Ellomay Capital Ltd. is well-positioned in the renewable energy and infrastructure sectors, with a diverse portfolio and a clear strategic vision. The company’s focus on sustainability, technological innovation, and geographic diversification provides a strong foundation for future growth. While it faces certain risks, Ellomay’s resilience and adaptability make it an attractive option for investors seeking exposure to the clean energy market.