Energix Renewable Energies reported its second quarter results this morning, 13 August 2026.
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Two Numbers, and Both Are Correct
The financial statements show a net loss of NIS 128.4 million. The directors' report shows a net profit of NIS 56.6 million.
This is not a contradiction, and it is not a trick.
The difference is one line: an impairment loss on the Aran project, of about NIS 185 million, recorded in the second quarter.
And the arithmetic closes: NIS 56.6 million less NIS 185 million gives approximately the reported loss.
In the comparable periods a year ago a similar impairment of about NIS 36 million was recorded - meaning last year's figure also contained such an item, far smaller.
So both readings are legitimate, and anyone looking at only one of them misses something.
The Quarter
| NIS thousands | The quarter | A year ago | Change |
|---|---|---|---|
| Revenue | 276,978 | 249,638 | +11% |
| EBITDA | 199,182 | 177,479 | +12% |
| Net profit excluding impairment | 56,614 | 29,460 | +92% |
And for the first half:
| NIS thousands | The half | A year ago | Change |
|---|---|---|---|
| Revenue | 548,039 | 478,436 | +15% |
| EBITDA | 390,039 | 334,351 | +17% |
| Net profit excluding impairment | 114,219 | 71,452 | +60% |
And from the financial statements themselves, for the quarter: an operating loss of NIS 59.3 million, a pre-tax loss of NIS 117.0 million, and a net loss of NIS 128.4 million. Loss per share: NIS 0.222.
What the Adjusted Figures Describe
Revenue rose 11% in the quarter and 15% for the half. EBITDA rose 12% and 17% respectively.
And that is the point: EBITDA grew faster than revenue in both periods.
The EBITDA margin in the quarter: 199.2 divided by 277.0 - that is 71.9%, against 71.1% a year ago. And for the half: 71.2% against 69.9%.
In an infrastructure business, an EBITDA margin widening while revenue grows describes operating leverage - new assets coming online without the fixed cost base growing at the same pace.
And that explains the 92% jump in adjusted profit: in a business where most costs are fixed, every additional shekel of revenue falls almost entirely to the bottom.
And the Other Side of the Same Coin
The difference between the operating loss and the net loss is about NIS 69 million, and that is principally financing cost.
And that follows from the structure: total assets are NIS 13.24 billion and equity NIS 2.30 billion - meaning equity is 17.4% of the balance sheet, and the rest is funded by debt.
This is a typical structure for renewable energy infrastructure, where projects are funded by long-term project debt against contracted cash flow. But it also means net profit is highly sensitive to the cost of that debt.
And on the impairment itself: the company recorded about NIS 185 million on a single project. An impairment is not cash - no money left. But it is management's statement about the expected future cash flow from that asset, and so it is relevant even though it is non-cash.
An Accounting Note
The company notes an update to its accounting policy on the presentation of joint tax income, effective from the first quarter of 2026.
The practical implication: the revenue line is not necessarily fully comparable to periods before the change, so the 11% growth rate contains a presentational component as well as an increase in activity. The company refers to the note in the financial statements.
