Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (October 2026)
38 slides from Ellomay Capital's investor presentation, October 2026
Slide 1: Form 6-K/A Report of Foreign Private Issuer
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K/A REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2026 Commission File Number: 001-35284 Ellomay Capital Ltd. (Translation of registr
Slide 2: Explanatory Note
Explanatory Note This Report of Foreign Private Issuer on Form 6-K/A of Ellomay Capital Ltd. (the “Company”) is furnished to amend the Report of Foreign Private Issuer on Form 6-K furnished by the Company to the Securities and Exchange Commission on October 14, 2026 (the “Original Report”), solely f
Slide 3: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ellomay Capital Ltd. By: /s/ Ran Fridrich Ran Fridrich Chief Executive Officer and Director Dated: Octo
Slide 4: Investor Presentation
ELLOMAY CAPITAL LIMITED Investor Presentation October 2026 1
Slide 5: Legal Disclaimer
Legal Disclaimer General - The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including our Annual Report on Form 20-F for the year ended December 31, 2025, and other filings that we make from time to time wit
Slide 6: Key Developments in 2026
Key Developments in 2026 Creating Sources for Growth Acceleration Sale of Dorad Holdings Italy | FER X tender award Storage (BESS) Project Progress NIS 742.5M 100MW 1.2GWh 1,872MWh Total consideration 2 projects BESS projects under Manara pumped storage development Work resumed at an accelerated pac
Slide 7: Operating Footprint
Operating Footprint 4 Technologies 5 Geographies 539 Connected MW o Solar o Italy o 336MW1 – Spain | Solar o BESS (Battery Storage) o Spain o 135MW2 – Italy | Solar o Biogas o Netherlands o 19MW – Netherlands | Biogas o Pumped Storage o Israel o 49MW – U.S. | Solar o U.S. 1. The company’s share in t
Slide 8: Sale of Dorad Holdings
Sale of Dorad Holdings Sale of the 16.9% stake in Dorad at an implied valuation of NIS 4.4 billion Value of Dorad Holdings Net cash proceeds* Pre-tax capital gain 742.5 560 332 NIS million NIS million NIS million Strategic Benefits Stronger Balance Sheet & Liquidity Focus on Core Business Proven Val
Slide 9: Use of Proceeds from the Dorad Sale
Use of Proceeds from the Dorad Sale The proceeds are expected to strengthen the balance sheet and support the acceleration of the company’s growth drivers 170 30% 40% NIS million Financial Flexibility For Growth Early repayment of & Capital Structure Investments Series E Debentures Strengthening Bal
Slide 10: Growth Drivers in Energy Storage
Growth Drivers in Energy Storage Stand-Alone Storage Projects Integration Reducing exposure to power Creating stable, long-term cash price volatility and increasing flow through agreements with revenues, while enabling the leading offtakers in the market company to enter into Hybrid PPAs at signific
Slide 11: Projects Grid Connection Forecast
Projects Grid Connection Forecast Connected Projects Forecast Existing Projects Pipeline Storage MWh Existing 88 Italy 600 Spain 1,040 Israel 150 3,750MWh* MWP Existing 659 1,878 1,878 Italy 172 USA 98 Israel 52 MWP Existing 561 981 Italy 70 USA 28 MWP 659 Existing 539 1,872 1,383MW Italy 8 USA 14 4
Slide 12: Company-Level Forecasts (Consolidated)
Company-Level Forecasts (Consolidated) | € millions Significant value creation in 2026 following the Dorad sale Revenues** EBITDA* 201 131*** 122 162*** 127 86 114 75 90 53 46 35 2025 2026E 2027E 2028E 2029E 2030E 2025 2026E 2027E 2028E 2029E 2030E * Loss for the year ended December 31, 2025 was app
Slide 13: Project-Level Forecasts
Project-Level Forecasts | € millions Significant growth as the project pipeline matures Revenues* EBITDA 128 201 92 81 127 114 61 85 60 36 46 27 2025 2026E 2027E 2028E 2029E 2030E 2025 2026E 2027E 2028E 2029E 2030E * Revenues include income due to the sale of tax credits (ITC) in the USA. The projec
Slide 14: The Company's Operations in Spain
The Company’s Operations in Spain Solar and Energy Storage Projects – Talasol and Additional Projects 11
Slide 15: Grid-Connected Solar Projects
Grid-Connected Solar Projects Spain | Italy | Netherlands | U.S.A | Israel Talasol Ellomay Solar 12
Slide 16: Project Details | Financial Data (Spain)
Project Details | Financial Data | € millions Spain | Italy | Netherlands | U.S.A | Israel Advancing project portfolio improvement through BESS (battery storage) integration 336 MWp € 22.2M € 14.9M € 5.9M Installed capacity Exp. Revenues Exp. EBITDA Exp. FFO Exp. Exp. Exp. Total Debt Balance Project
Slide 17: The Company's Operations in Italy
The Company’s Operations in Italy Solar and Energy Storage Projects 14
Slide 18: Operating and Under Construction & Development Projects
Operating and Under Construction & Spain | Italy | Netherlands | U.S.A | Israel Development Projects Geographic breakdown 135MW 63MW 227MW Operating Projects Advanced Pre-construction construction; projects, including expected grid 100 MW awarded 164 MWp connection in 2026 under Italy’s FER X 130 MW
Slide 19: Project Details | Financial Data (Italy)
Project Details | Financial Data | € millions Spain | Italy | Netherlands | U.S.A | Israel Full operational year 460MWp € 64.2 M €52.4 M € 35.1 M PV Portfolio capacity Exp. Revenues Exp. EBITDA Exp. FFO Exp. Exp. Exp. Total Total Total Debt Balance Specific Yield Production Project Type MWp MWh Proj
Slide 20: Netherlands Biogas Operations
Netherlands Biogas Operations (Goor, Eindhoven, Gelderland) 17
Slide 21: Impact of New Regulation on Biogas Operations
Impact of New Regulation on Biogas Operations Spain | Italy | Netherlands | U.S.A | Israel New Green Gas Blending Increase Expected Price Regulation Obligation in Demand Increase The Dutch government Power producers will The company is expected to The strong demand is announced new regulation be req
Slide 22: Biogas Operations | Project Details and Forecast
Biogas Operations | Project Details and Forecast Spain | Italy | Netherlands | U.S.A | Israel Financial Forecasts commencing 2027 Maximizing Production Output Asset Optimization € 19.5M Increasing the production license Diversifying revenue sources and 16m Nm3 to 24m Nm3 Revenues reducing costs from
Slide 23: Project Details | Financial Data (Biogas)
Project Details | Financial Data | € millions Spain | Italy | Netherlands | U.S.A | Israel 2027 19 MW € 19.5M € 5.5M € 5.5M Biomethane capacity Exp. Revenues Exp. EBITDA Exp. FFO Debt Total Biomethane Project Exp. Exp. Exp. Total Balance Specific Yield Project Type MW MWh Senior LT Equity capacity H
Slide 24: The Company's Operations in the U.S.A
The Company’s Operations in the U.S.A Solar Projects – Texas, U.S.A 21
Slide 25: Texas Solar Operations
Texas Solar Operations Spain | Italy | Netherlands | U.S.A | Israel Under the Distributed Generation Regulation Approx. € 13.7M Expected Revenues and ITC Income Approx. € 11.5M Expected EBITDA Approx. € 11.5M Expected FFO EBITDA and FFO are non-IFRS measures. The Company is unable to provide a recon
Slide 26: Project Details | Financial Data (U.S.A)
Project Details | Financial Data | € millions Spain | Italy | Netherlands | U.S.A | Israel Full operational year 91MWp 7 € M €6.7 M € 11.5 M €11.5 M Portfolio capacity Exp. Revenues Exp. ITC Income Exp. EBITDA Exp. FFO Exp. Other Total Senior Debt Balance Project COD Exp. Exp. Exp. Total Specific Yi
Slide 27: The Company's Operations in Israel
The Company’s Operations in Israel Pumped Storage Project and Solar Projects 24
Slide 28: The Company's Operations in Israel
The Company’s Operations in Israel Spain | Italy | Netherlands | U.S.A | Israel Manara Pumped Storage Solar Under construction, with capacity of 156MW and 12 hours of continuous Development and construction of solar + operation BESS projects, totaling: 1,872 MWh total storage capacity 52 MW Solar Th
Slide 29: Pumped Storage | Manara Cliff
Pumped Storage | Manara Cliff Spain | Italy | Netherlands | U.S.A | Israel 1,872MWh € 92M Storage capacity Expected annual revenues 156MW € 47M Installed capacity Expected annual EBITDA Location Manara Cliff – Israel Ownership Ellomay (83.34%), Ampa Investments (16.66%) Expected construction complet
Slide 30: Solar Project Development in Israel
Solar Project Development in Israel Spain | Italy | Netherlands | U.S.A | Israel 52MW 150MWh Solar capacity under Storage capacity development under development MWp Storage Tariff License Grid Project name Status capacity capacity MWh per kWh validity connection Komemiyut Solar + Approved Market Mar
Slide 31: Project Details | Financial Data (Israel)
Project Details | Financial Data | € millions Spain | Italy | Netherlands | U.S.A | Israel 1,872MWh € 92M € 47M € 11M Storage Capacity Exp. Revenues Exp. EBITDA Exp. FFO Total COD Exp. Exp. Total Total Debt Balance Specific Yield Production Project Type MWp MWh Project Status Exp. FFO Senior LT Hold
Slide 32: Projects under Development
Projects under Development 29
Slide 33: Project Details | Development
Project Details | Development 478MWp 1,878MWh 905GWh Solar capacity Storage capacity Annual production Specific Yield Project Country Type MWp MWh Production (MWh/y) Holding % (kWh/kWp/y) Italy stand-alone BESS Italy BESS - 600 - - 100% BESS - Ellomay Solar Spain BESS - 88 - - 100% BESS - Talasol Sp
Slide 34: Financial Data
Financial Data 31
Slide 35: Key Balance Sheet Figures
Key Balance Sheet Figures | € thousands €959M €856M €232M Total assets CAP Equity +57% +57% +86% since 2023 since 2023 since 2023 December 31, 2023 % of total assets December 31, 2024 % of total assets December 31, 2025 % of total assets June 30, 2026 % of total assets Cash, deposits and marketable
Slide 36: Appendix A | Balance Sheet Data for Leverage Ratio Calc.
Appendix A | Balance Sheet Data for Leverage Ratio Calc. € thousands December 31, 2023 December 31, 2024 December 31, 2025 June 30, 2026 Current maturities of bank loans 9,784 21,316 17,235 45,481 Current maturities of other loans * 5,000 5,866 3,666 6,124 Current maturities of bonds 35,200 35,706 3
Slide 37: Appendix B | Reconciliation of loss to EBITDA
Appendix B | Reconciliation of loss to EBITDA (in € millions) 2025 Loss for the year ended December 31, 2025 (6) Financing expenses, net 27 Tax Benefit (2) Depreciation and amortization expenses 16 EBITDA 35 34
Slide 38: Thank you
ellomay PITA LIMIT Thank you
Ellomay Capital — Investor Presentation (October 2026) on 6ix