Enlight market cap surges past $10b after strong Q4 results

Enlight Renewable Energy (Nasdaq: ENLT; TASE: ENLT) share price rose 16.04% on Nasdaq yesterday, giving a market cap of $10.3 billion, after the company reported strong fourth quarter results. Overall in 2025, the company beat its guidance in both growth and EBITDA, among other things because of the faster than expected construction of its project in the southwest US and the strengthening of the shekel against the US dollar.

Enlight also reported major progress in its other projects in the US and Europe. The company sees a further 32% growth in revenue in 2026. By the end of 2028, the company expects to triple in size and reach annual revenue of $2 billion.

Enlight reported $582 million revenue in 2025, up 46% from 2024, and above its guidance range of $555-565 million. Adjusted EBITDA jumped 51% to $438 million in 2025, above the forecast of $405-415 million, due in part to the sale of 7% of the Sunlight project in Israel to institutions.

This also led to a 142% jump in net profit in 2025 to $161 million. $80 million of the net profit was attributed to the Sunlight deal, but even without it Enlight’s net profit was much higher than its $66 million in 2024. Very similar results can also be seen when looking at the fourth quarter separately.

The US market is hungry for energy

Enlight’s revenue growth is due in part to several projects it has completed and are already operational: Quail Ranch in New Mexico and Road Runner in Arizona, with a combined capacity of 426 megawatts and a storage capacity of 1,340 megawatt-hours.

Enlight measures its solar capacity using adjusted gigawatts (FGW), which is the installed generation capacity divided by 3.5 of the storage capacity. The 0.8 FGW in these projects doubles its generating backlog in the US.

The US market is particularly energy-hungry, due to the wave of data centers under construction across the US, which has led to particularly extreme energy demand, which solar energy can meet relatively quickly.

Also in the southwest US, Enlight is building its flagship CO Bar project in Arizona, which will reach a yield of 2.4 FGW, – three times the size of the above-mentioned projects. The project is under construction, and its initial operation will begin between the first half of 2027 second half of 2028.

The US is Enlight’s fastest-growing market, and it has quadrupled its revenue in this market over the past year. The company is rushing to complete its projects there before the tax breaks for renewable energies are eliminated, under the Trump administration’s plan.

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Also expanding activities in Europe

In Europe, Enlight is acquiring early-stage projects in Germany and Poland and expanding its operations in other European countries. This is part of Europe’s trend to switch to renewable energy as quickly as possible, with targets of between 50% and 75% in the markets where Enlight operates.

Enlight’s biggest assets are those that have yet to be realized. While Enlight has 3.9 FGW of production facilities and 11.4 FGW including those under construction or nearing completion, the total projects it is initiating add up to 38 FGW, an order of magnitude larger than the facilities already producing.

Not all of the facilities will reach the finish line, of course, but many are progressing. Last year major projects in the US, Morocco, Hungary and Israel reached advanced development, and projects in the US and Israel neared completion.

In 2026, Enlight plans to complete projects totaling 1.1 GW and expand its operations in the data centers sector, a major move that Enlight does not detail in the 2025 financial report.

Published by Globes, Israel business news – en.globes.co.il – on February 18, 2026.

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