Ellomay Capital Logs €12.2M Q1 Loss, Sells Luzon Unit for €164M
ELLO•Ellomay Capital’s total assets increased to €885.4 million at March 31, 2026, while revenues dipped to €8.7 million from €8.9 million a year earlier. The company reported a €12.2 million loss, €2.1 million EBITDA and completed a €164 million sale of its Luzon unit to repay debentures.
1. First Quarter Financial Results
Total assets grew from €843.5 million at December 31, 2025 to €885.4 million at March 31, 2026. Revenues declined to €8.7 million from €8.9 million in Q1 2025, EBITDA fell to €2.1 million from €2.9 million and the company recorded a €12.2 million net loss versus a €6.8 million profit.
2. Sale of Luzon Unit and Debenture Repayment
On May 10, 2026 the company sold its indirect stake in Ellomay Luzon Energy Infrastructures for NIS 560 million (approximately €164 million). Proceeds were classified as discontinued operations and used to prepay Series E secured debentures with a principal of NIS 165 million and aggregate repayment of NIS 170 million.
3. Operating and Financing Drivers
The revenue decrease stemmed from lower electricity prices in Italy and Spain, while operating expenses rose due to higher energy and feedstock costs in the Netherlands and expenses for new solar facilities in Italy and Texas. Financing expenses surged to €8.2 million driven by a 2.9% NIS appreciation against the euro and increased interest on debentures.
4. Strategic Outlook and Implications
The asset sale and early debenture repayment bolster the balance sheet, reduce leverage and enhance liquidity. This positions the company to accelerate growth in its European and US renewable energy project pipeline.




