Nofar Energy Reports Quarterly Profit, Raises Revenue Forecasts Through 2029

Nofar Energy's stock surged 5.6% following its second-quarter financial report, which showed a net profit of 16 million shekels. The company benefited from the connection of projects across Israel, the US, and Europe, driving a 69% increase in quarterly revenues to 164 million shekels, up from 97 million in the same quarter of 2025. EBITDA from electricity production rose 79% to 133 million shekels. For the first half of the year, revenues reached 307 million shekels, an 87% increase compared to the previous year, with EBITDA up 68% to 201 million shekels.

Under the control and management of Ofer Yanai, Nofar confirmed its 2026 forecasts of 1.1 billion shekels in revenues and 900 million shekels in EBITDA. The company raised its 2027 revenue forecast to 2.4 billion shekels and EBITDA to 2 billion, and for 2028, it projected revenues of 3.9 billion shekels and EBITDA of 3.3 billion. For the first time, Nofar provided a 2029 forecast, anticipating revenues of 6.2 billion shekels and EBITDA of 5.2 billion. These forecasts, along with a mature project pipeline totaling 16 gigawatts, were key drivers of the stock increase.

Following the Jewish fast of Tisha B'Av, Nofar acquired a 47.5% stake in the Reindeer power plant in the Sharon region for 855 million shekels. Additionally, the company purchased 92.5% of Highlight, a solar panel installation firm serving moshavim and kibbutzim in southern Israel, for 200 million shekels this week.