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

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:

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: hilai@ellomay.com

September 30

December 31

2025

2024

(Unaudited)

(Audited)

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

Total non-current liabilities

2,193,005

2,354,950

2,295,797

Equity

Share capital

Share premium

642,199

Capital reserve from activities with shareholders

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

For the nine months ended

For the three months ended

Year ended

September 30

December 31

2025

2024

2025

2024

(Unaudited)

(Audited)

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

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

Share capital

Share premium

Capital reserve for activities with shareholders

Retained earnings

Total Equity

NIS thousands

For the nine months ended

September 30, 2025 (Unaudited)

642,199

3,748

971,306

1,617,264

Net Profit for the period

131,316

642,199

3,748

1,102,622

1,748,580

Balance as at

January 1,2024 (Audited)

642,199

3,748

643,979

1,289,937

Net Profit for the period

255,774

Dividend distributed

(50,000

)

(50,000

)

Balance as at

September 30, 2024 (Unaudited)

642,199

3,748

849,753

1,495,711

642,199

3,748

984,245

1,630,203

Net Profit for the period

118,377

Balance as at

September 30, 2025 (Unaudited)

642,199

3,748

1,102,622

1,748,580

For the three months ended

September 30, 2024 (Unaudited)

642,199

3,748

740,270

1,386,228

Net Profit for the period

159,483

Dividend distributed

(50,000

)

(50,000

)

Balance as at

September 30, 2024 (Unaudited)

642,199

3,748

849,753

1,495,711

Share capital

Share premium

Capital reserve for activities with shareholders

Retained earnings

Total Equity

NIS thousands

For the year ended

December 31, 2024 (Audited)

642,199

3,748

643,979

1,289,937

Dividend distributed

(125,000)

Net profit for the year

452,327

Balance as at

December 31, 2024 (Audited)

642,199

3,748

971,306

1,617,264

For the nine months

ended September 30

For the three months

ended September 30

Year ended

December 31

2025

2024

2025

2024

(Unaudited)

(Audited)

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

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

Proceeds from arbitration

337,905

Decrease in restricted deposits

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

(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