Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Three Months Ended March 31, 2025

May 30, 2025 06:45 ET | Source: Ellomay Capital Ltd TEL-AVIV, Israel, May 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 months ended March 31, 2025 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”). On May 29, 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 18.75% 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 months ended March 31, 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. Dorad Financial Highlights Dorad’s revenues for the three months ended March 31, 2025 – approximately NIS 610.6 million.Dorad’s operating profit for the three months ended March 31, 2025 – approximately NIS 76.9 million. 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 March 31, 2025, which include winter months of January and February and the intermediate month of March, 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 first quarter results in the future or comparable to first 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-month periods ended March 31, 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, 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 approximately 38 MW of operating solar power plants in Italy;9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;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;Solar projects in Italy with an aggregate capacity of 294 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 placed in service and in process of connection to the grid and additional 22 MW are under construction. 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 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 Dorad Energy Ltd. Interim Condensed Statements of Financial Position March 31 March 31 December 31 2025 2024 2024 (Unaudited) (Unaudited) (Audited) NIS thousands NIS thousands NIS thousands Current assets Cash and cash equivalents 1,030,373 399,596 846,565 Trade receivables and accrued income 247,812 181,182 185,625 Other receivables 26,929 13,850 32,400 Financial derivatives 803 - - Total current assets 1,305,917 594,628 1,064,590 Non-current assets Restricted deposit 541,855 514,770 531,569 Long-term Prepaid expenses 79,666 29,548 79,739 Fixed assets 2,678,973 3,065,103 2,697,592 Intangible assets 10,215 7,573 9,688 Right of use assets 53,332 54,544 54,199 Total non-current assets 3,364,041 3,671,538 3,372,787 Total assets 4,669,958 4,266,166 4,437,377 Current liabilities Current maturities of loans from banks 347,509 329,137 321,805 Current maturities of lease liabilities 4,991 4,787 4,887 Current tax liabilities 24,119 - 14,016 Trade payables 297,164 158,545 168,637 Other payables 14,865 19,897 14,971 Financial derivatives - 1,125 - Total current liabilities 688,648 513,491 524,316 Non-current liabilities Loans from banks 1,756,777 2,001,668 1,750,457 Other long-term liabilities 60,872 11,562 60,987 Long-term lease liabilities 47,198 48,007 46,809 Provision for dismantling and restoration 37,212 38,013 38,102 Deferred tax liabilities 405,837 297,691 399,282 Liabilities for employee benefits, net 160 160 160 Total non-current liabilities 2,308,056 2,397,101 2,295,797 Equity Share capital 11 11 11 Share premium 642,199 642,199 642,199 Capital reserve from activities with shareholders 3,748 3,748 3,748 Retained earnings 1,027,296 709,616 971,306 Total equity 1,673,254 1,355,574 1,617,264 Total liabilities and equity 4,669,958 4,266,166 4,437,377 Dorad Energy Ltd. Interim Condensed Statements of Profit or Loss For the three months ended Year ended March 31 December 31 2025 2024 2024 (Unaudited) (Unaudited) (Audited) NIS thousands NIS thousands NIS thousands Revenues 610,554 610,882 2,863,770 Operating costs of the Power Plant Energy costs 105,220 131,084 574,572 Electricity purchase andinfrastructure services 325,315 263,191 1,372,618 Depreciation andamortization 51,418 55,514 106,266 Other operating costs 43,475 42,469 190,027 Total operating costs of Power Plant 525,428 492,258 2,243,483 Profit from operating the Power Plant 85,126 118,624 620,287 General and administrative expenses 8,186 9,874 23,929 Other income - - 58 Operating profit 76,940 108,750 596,416 Financing income 28,452 12,879 184,939 Financing expenses 32,743 36,396 193,825 Financing expenses, net 4,291 23,517 8,886 Profit before taxes on income 72,649 85,233 587,530 Taxes on income 16,659 19,596 135,203 Net profit for the period 55,990 65,637 452,327 Dorad Energy Ltd.Interim Condensed Statements of Changes in Shareholders’ Equity Capital reserve for activities Share Share with Retained capital premium shareholders earnings Total Equity NIS thousands NIS thousands NIS thousands NIS thousands NIS thousandsFor the three months ended March 31, 2025 (Unaudited) Balance as at January 1, 2025 (Audited)11 642,199 3,748 971,306 1,617,264 Net profit for the period- - - 55,990 55,990 Balance as at March 31, 2025 (Unaudited) 11 642,199 3,748 1,027,296 1,673,254 For the three months ended March 31, 2024 (Unaudited) Balance as at January 1, 2024 (Audited)11 642,199 3,748 643,979 1,289,937 Net profit for the period- - - 65,637 65,637 Balance as at March 31, 2024 (Unaudited)11 642,199 3,748 709,616 1,355,574 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 three months endedYear ended March 31 December 31 2025 2024 2024 (Unaudited) (Unaudited) (Audited) NIS thousands NIS thousands NIS thousands Cash flows from operating activities: Net Profit for the period55,990 65,637 452,327 Adjustments: Depreciation and amortization and fuel consumption53,036 59,379 121,664 Taxes on income16,659 19,596 135,203 Financing expenses, net4,291 23,517 8,886 73,986 102,492 265,753 Change in trade receivables(62,187) 30,684 26,241 Change in other receivables5,471 (4,493)(20,951)Change in trade payables116,677 (8,906)(10,361)Change in other payables(106) 5,954 (3,481)Change in other long-term liabilities315 (1,381)(3,661) 60,170 21,858 (12,213) Net cash from operating activities190,146 189,987 705,867 Cash flows from investing activities: Proceeds (used in) for settlement of financial derivatives, net289 (1,395) 1,548 Decrease in long-term restricted deposits- 17,500 17,500 Investment in fixed assets(34,249)(17,069)(44,132)Proceeds from arbitration- - 337,905 Proceeds from insurance for damages to fixed assets- 2,737 5,148 Investment in intangible assets(1,115)(412)(4,054)Interest received14,847 9,577 42,221 Net cash from )used in) investing activities(20,228) 10,918 356,136 Cash flows from financing activities: Repayment of lease liability- (100)(4,984)Repayment of loans from banks- - (284,570)Dividends paid- (17,500)(142,500)Interest paid(190)(196)(129,957)Proceeds from arbitration- - 127,195 Net cash used in financing activities(190)(17,796)(434,816) Net increase in cash and cash equivalents169,728 183,109 627,187 Effect of exchange rate fluctuations on cash and cash equivalents14,080 (2,759) 132 Cash and cash equivalents at beginning of period846,565 219,246 219,246 Cash and cash equivalents at end of period 1,030,373 399,596 846,565 (a) Significant non-cash activity Liability for gas agreements432 - 56,208

Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Three Months Ended March 31, 2025

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