Ellomay Capital Ltd.

What they do

Ellomay Capital Ltd. operates in the Electric Services industry (SIC code) and files annual reports with the U.S. Securities and Exchange Commission as a foreign private issuer on Form 20-F. Its ordinary shares, par value NIS 10.00 per share, trade on the NYSE American under the symbol ELLO. The company is headquartered at 18 Rothschild Boulevard, 1st floor, Tel Aviv 6688121, Israel, and its principal executive offices are in Israel. The provided excerpts describe the filing's structure and currency conventions but do not include detailed descriptions of individual power-generation assets or projects.

Revenue drivers

• Revenues from subsidies — The filing's Explanatory Note discloses that Note 18A of the financial statements separately presents revenues from subsidies, resulting in a reclassification of comparative amounts for the year ended December 31, 2024; aggregate revenues for that year were unchanged. No dollar amount for subsidy revenues is provided in the excerpts.
• Aggregate revenues (all sources) — The company reports consolidated revenues under IFRS, but the excerpts do not break out revenue by segment, product, or customer, nor do they give revenue figures for fiscal 2025.

Recent performance

The excerpts do not contain reported revenue, earnings, or other financial results for the fiscal year ended December 31, 2025, other than the fact that the annual report was filed on May 1, 2026. The only specific financial item described is a reclassification: Note 18A separately presents revenues from subsidies, changing comparative amounts for the year ended December 31, 2024, while leaving aggregate revenues for 2024 unchanged. No net income, EBITDA, cash flow, or segment-level figures appear in the provided material. As of the close of the period covered by the annual report, 13,781,230 ordinary shares were outstanding, of which 258,046 were held as treasury shares under Israeli law.

Strategy

The provided excerpts do not describe management's strategy, capital investments, or operational priorities. The filing's table of contents shows that such discussion would appear under Item 5, Operating and Financial Review and Prospects, and Item 4, Information on Ellomay, but those sections' contents are not included in the excerpts. No forward guidance, project pipeline, or acquisition plans can be reported from the source material provided.

Risks

• Subsidy revenue concentration — The company separately presents revenues from subsidies in its financial statements, indicating that government or other subsidy programs contribute to reported revenue; the excerpts do not quantify the share or describe the programs' terms.
• Reporting and currency complexity — Ellomay reports under IFRS in U.S. dollars while operating in multiple currencies, including the euro and the New Israeli Shekel, which requires translation at relevant exchange rates and adds foreign-exchange exposure.
• Foreign private issuer status — As a foreign private issuer incorporated in Israel and listed on the NYSE American, the company is subject to different SEC disclosure and corporate governance requirements than U.S. domestic issuers.
• Treasury shares under Israeli law — Ellomay holds 258,046 ordinary shares as treasury shares under Israeli law, and for as long as it owns them they have no rights, cannot receive dividends, and are excluded from voting and quorum.

Outlook

The excerpts do not contain management's outlook, guidance, or forward-looking statements beyond the generic reference to a Forward-Looking Statements section in the table of contents. No specific expectations for future periods can be reported from the provided material.