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

August 31, 2025 12:00 ET | Source: Ellomay Capital Ltd TEL-AVIV, Israel, Aug. 31, 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 six months ended June 30, 2025 of Dorad Energy Ltd. (“Dorad”), in which Ellomay indirectly held, as of June 30, 2025, approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”). On August 31, 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, held 18.75% of Dorad as of June 30, 2025, 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 six months ended June 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 to English of Dorad’s financial results. On July 22, 2025, Ellomay Luzon Energy acquired an additional 15% of Dorad’s share capital as a result of its exercise of a right of first refusal granted to it under Dorad’s articles of association and shareholders’ agreement, and therefore the Company’s current indirect share of Dorad is approximately 16.9%. Dorad Financial Highlights Dorad’s revenues for the three months ended June 30, 2025 – approximately NIS 566.8 million.Dorad’s operating profit for the three months ended June 30, 2025 – approximately NIS 56.9 million. Dorad’s loss for the three months ended June 30, 2025 mainly results from an increase of approximately NIS 72.7 million in financing expenses compared to the three months ended June 30, 2024 due to NIS/USD exchange rate differences in connection with deposits denominated in USD. Certain of Dorad’s expenses (natural gas acquisition and maintenance costs) are also denominated in USD. Dorad notes in its financial statements that on June 13, 2025, the State of Israel launched operation “Rising Lion” against Iran, as part of the Iron Swords war, for the purpose of removing the nuclear and missile threat against Israel. As a result of this operation, and in view of the high risk to lives and property from the ballistic missile attacks and unmanned aerial vehicles that were launched against Israel by Iran in response, strict restrictions were imposed on the Israeli home front that included, inter alia, restrictions on gatherings and restrictions on movement. In addition, as a result of closing the Israeli airspace, hundreds of thousands of Israelis were delayed in returning to Israel. As part of the restrictions on gatherings and movement, the Israeli economy began operating in a state of emergency whereby only essential businesses were allowed to open and the schools and higher education system shifted to online learning, two instructions that resulted in substantial damage to the Israeli economy. On June 24, 2025, an agreement was reached regarding a ceasefire, after which the Israeli economy resumed operating in full capacity. Dorad’s revenues in June 2025 decreased by approximately 22% compared to the same month in the previous year, including due to the military operation. As this is an event beyond Dorad’s control, and factors such as the continuation or cessation of the fighting may affect Dorad’s estimates, as of the date of approval of Dorad’s financial statements (August 14, 2025), Dorad was unable to assess the extent of the impact of the war and the operation on its business activities and results in the medium and long term. Dorad continues to monitor developments on the matter on an ongoing basis and is examining the implications for its operations and the value of its assets. 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 June 30, 2025, which include the intermediate months of April and May and the summer month of June, 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, the results included herein may not be indicative of second quarter results in the future or comparable to second 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 six month periods ended June 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 850MW;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; andSolar 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 in connection with the holdings in Dorad, 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)CFOTel: +972 (3) 797-1111Email: hilai@ellomay.com Dorad Energy Ltd.Interim Condensed Statements of Financial Position June 30 June 30 December 312025 2024 2024(Unaudited) (Unaudited) (Audited)NIS thousands NIS thousands NIS thousands Current assets Cash and cash equivalents758,981 218,067 846,565Trade receivables and accrued income293,670 316,374 185,625Other receivables35,695 50,867 32,400Financial derivatives- 2,785 -Total current assets1,088,346 588,093 1,064,590 Non-current assets Restricted deposit524,205 526,392 531,569Long- term Prepaid expenses79,161 29,043 79,739Fixed assets2,659,760 3,017,054 2,697,592Intangible assets10,604 8,114 9,688Right of use assets52,963 54,403 54,199Total non-current assets3,326,693 3,635,006 3,372,787 Total assets4,415,039 4,223,099 4,437,377 Current liabilities Current maturities of loans from banks311,734 308,069 321,805Current maturities of lease liabilities5,055 4,870 4,887Current tax liabilities14,016 - 14,016Trade payables278,617 236,691 168,637Other payables16,339 10,005 14,971Financial derivatives4,499 - -Total current liabilities630,260 559,635 524,316 Non-current liabilities Loans from banks1,627,853 1,874,385 1,750,457Other Long-term liabilities37,707 10,826 60,987Long-term lease liabilities48,042 49,023 46,809Provision for dismantling and restoration37,408 36,002 38,102Deferred tax liabilities403,406 306,840 399,282Liabilities for employee benefits, net160 160 160Total non-current liabilities2,154,576 2,277,236 2,295,797 Equity Share capital11 11 11Share premium642,199 642,199 642,199Capital reserve from activities with shareholders3,748 3,748 3,748Retained earnings984,245 740,270 971,306Total equity1,630,203 1,386,228 1,617,264 Total liabilities and equity4,415,039 4,223,099 4,437,377 Dorad Energy Ltd.Interim Condensed Statements of Profit or Loss For the six months ended For the three months ended Year endedJune 30 June 30 December 312025 2024 2025 2024 2024(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands Revenues 1,177,336 1,269,902 566,782 659,020 2,863,770 Operating costs of the Power Plant Energy costs180,520 290,785 75,300 159,701 574,572Electricity purchase and infrastructure services654,719 567,671 329,404 304,480 1,372,618Depreciation and amortization102,848 115,719 51,430 60,205 106,266Other operating costs88,956 82,766 45,481 40,297 190,027 Total operating costs of Power Plant1,027,043 1,056,941 501,615 564,683 2,243,483 Profit from operating the Power Plant150,293 212,961 65,167 94,337 620,287 General and administrative administrative expenses16,489 16,727 8,303 6,853 23,929Other income- - - - 58 Operating profit133,804 196,234 56,864 87,484 596,416 Financing income32,145 31,884 3,693 19,005 184,939Financing expenses148,886 103,082 116,143 66,686 193,825 Financing expenses, net116,741 71,198 112,450 47,681 8,886 Profit (Loss) before taxes on income17,063 125,036 (55,586) 39,803 587,530 Tax on Income (Tax Benefit)4,124 28,745 (12,535) 9,149 135,203 Net Profit (Loss) for the period12,939 96,291 (43,051) 30,654 452,327 Dorad Energy Ltd.Interim Condensed Statements of Changes in Shareholders’ Equity Capital reserve Total Equity for activities Share Share with Retained capital premium shareholders earnings NIS thousands NIS thousands NIS thousands NIS thousands NIS thousandsFor the six months ended June 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- - - 12,939 12,939 Balance as at June 30, 2025 (Unaudited)11 642,199 3,748 984,245 1,630,203 For the six months ended June 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- - - 96,291 96,291 Balance as at June 30, 2024 (Unaudited)11 642,199 3,748 740,270 1,386,228 For the three months ended June 30, 2025 (Unaudited) Balance as at April 1, 2025 (Unaudited)11 642,199 3,748 1,027,296 1,673,254 Loss for the period- - - 43,051 43,051 Balance as at June 30, 2025 (Unaudited)11 642,199 3,748 984,245 1,630,203 For the three months ended June 30, 2024 (Unaudited) Balance as at April 1, 2024 (Unaudited)11 642,199 3,748 709,616 1,355,574 Net profit for the period- - - 30,654 30,654 Balance as at June 30, 2024 (Unaudited)11 642,199 3,748 740,270 1,386,228 Dorad Energy Ltd.Interim Condensed Statements of Changes in Shareholders’ Equity (cont’d) Capital reserve for activities Share Share with Retained capital premium shareholders earnings Total EquityNIS 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 six months ended For the three months ended Year endedJune 30 June 30 December 312025 2024 2025 2024 2024(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands Net cash flows from operating activities: Net Profit (Loss) for the period12,939 96,291 (43,051) 30,654 452,327Adjustments: Depreciation and amortization and fuel consumption110,284 122,342 57,248 62,964 121,664Taxes on income (Tax Benefit)4,124 28,745 (12,535) 9,149 135,203Financing expenses, net116,741 71,198 112,450 47,681 8,886 231,149 222,285 157,163 119,794 265,753 Change in trade receivables(108,045) (104,508) (45,858) (135,191) 26,241Change in other receivables(3,296) (43,921) (8,767) (39,428) (20,951)Change in trade payables119,029 58,122 2,352 67,028 (10,361)Change in other payables1,677 (3,942) 1,783 (9,896) (3,481)Change in other long-term liabilities(20,686) (2,117) (21,001) (736) (3,661) (11,321) (96,366) (71,491) (118,223) (12,213)Net cash flows from operating activities232,767 222,210 42,621 32,225 705,867 Cash flows from investing activities: Proceeds (used in) for settlement of financial derivatives, net502 (1,050) 213 346 1,548Proceeds from insurance for damages to fixed assets- 5,148 - 2,411 5,148Proceeds from arbitration- - - - 337,905Decrease in restricted deposits- 17,500 - - 17,500Investment in fixed assets(70,297) (32,136) (36,048) (15,067) (44,132)Investment in intangible assets(1,943) (1,469) (828) (1,057) (4,054)Interest received29,678 19,578 14,831 10,020 42,221Net cash flows from (used in) investing activities(42,060) 7,571 (21,832) (3,347) 356,136 Net cash flows from financing activities: Repayment of lease liability(113) (218) (113) (119) (4,984)Repayment of loans from banks(164,899) (141,966) (164,899) (141,966) (284,570)Dividends paid- (17,500) - - (142,500)Interest paid(53,656) (72,755) (53,466) (72,559) (129,957)Proceeds from arbitration- - - - 127,195Net cash flows used in financing activities(218,668) (232,439) (218,478) (214,644) (434,816) Net increase (decrease) in cash and cash equivalents (27,961) (2,658) (197,689) (185,766) 627,187 Effect of exchange rate fluctuations on cash and cash equivalents(59,623) 1,479 (73,703) 4,237 132Cash and cash equivalents at beginning of period846,565 219,246 1,030,373 399,596 219,246Cash and cash equivalents at end of period 758,981 218,067 758,981 218,067 846,565(a) significant non- cash activity Liability for gas agreements- - - - 56,208

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

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