Cash Flow Analysis

Net cash from operating activities rose 58% to $100.3 million from $63.4 million in Q1 2025, despite reported profit falling to $37.8 million. The profit decline is largely distorted by the $97.3 million project-disposal gain recorded in the prior-year quarter, so operating cash flow gives a better indication of underlying cash generation.

Investment spending accelerated sharply. Cash used in investing activities increased to $383.3 million from $196.1 million, primarily because CAPEX rose from $255.9 million to $609.2 million.

Free cash flow is negative $508.9 This is because Enlight is constructing assets intended to generate future contracted revenue, but it means expansion is not currently self-funded.

Net cash inflow from financing activities reached $736.0 million, driven by $778.2 million of new loans, $419.3 million of new equity and $121.1 million of tax-equity investment. This more than covered loan repayments and construction spending, increasing cash by $453.0 million to $978.8 million.

Overall, operating cash generation is improving, but Enlight remains dependent on debt, tax equity and share issuance to fund its growth.