Ellomay Capital Ltd. (ELLO): BCG Matrix [Dec-2025 Updated]

You're looking at Ellomay Capital Ltd. (ELLO) in late 2025, and the portfolio looks like a classic infrastructure developer's balancing act: mature cash generators versus capital-hungry growth bets. We see stable cash flow from assets like the 300 MW Talasol plant, which helped generate $45.64 Million USD in TTM revenue, sitting right alongside massive, cash-burning 'Question Marks' like the Manara Cliff Pumped Storage project. Honestly, given the €9.5 million loss reported for 2024, understanding where ELLO is placing its bets-from its 'Stars' in US/EU solar to its 'Dogs' in older biogas-is crucial for seeing where the next dollar of profit will actually land.

Background of Ellomay Capital Ltd. (ELLO)

You're looking at Ellomay Capital Ltd. (ELLO), which is an Israeli-based public company you can find trading on both the NYSE American and the Tel Aviv Stock Exchange. Since 2009, Ellomay Capital Ltd. has centered its business on the renewable energy and power generation sectors, with operations spanning Europe, the USA, and Israel. Honestly, you see them involved in developing and operating these clean energy projects across places like Italy, Spain, the Netherlands, and Texas, USA.

Looking at the mid-2025 numbers, Ellomay Capital Ltd.'s total assets stood at approximately €729.3 million as of June 30, 2025, up from about €677.3 million at the end of 2024. On the balance sheet side, net assets were reported at $0.17 Billion USD in June 2025. The company's market capitalization, as of November 2025 data, was $289.233 million, though its stock price of $20.99 was considered significantly overvalued against a GF Value of $13.70.

Financially, the first half of 2025 showed mixed but improving results. For the six months ended June 30, 2025, revenues hit approximately €20.1 million, a slight bump from €19.5 million in the prior year's first half. More importantly, the net loss narrowed to approximately €1.6 million for H1 2025, which is a definite improvement over the €3.3 million loss reported for H1 2024. To be fair, Q1 2025 actually saw a profit of €6.8 million, a strong swing from a €4.9 million loss the year before.

The core of Ellomay Capital Ltd.'s operations is segmented across several key areas. You'll find their operating segments include Photovoltaic power plants (PV Plants), their significant stake in Dorad Energy Ltd. (Dorad), Groen Gas Goor B.V., and the Manara Pumped storage hydro power plant. It's worth noting that the Dorad segment generally generates maximum revenue for Ellomay Capital Ltd., and geographically, Spain is where they derive a majority of their revenue. A recent strategic move involved completing a €52 million deal with Clal Insurance for a 49% stake in Ellomay's 198 MW Italian solar portfolio.

Ellomay Capital Ltd. (ELLO) - BCG Matrix: Stars

You're looking at the growth engine of Ellomay Capital Ltd. (ELLO) right now, the projects in high-growth energy markets that demand significant capital to secure future market share. These are the units where Ellomay Capital is actively deploying funds to build capacity, aiming to transition them from high-growth ventures into reliable Cash Cows once they are fully operational and generating steady revenue.

The core of the Star quadrant for Ellomay Capital Ltd. is centered on large-scale solar development across Europe and the US, which inherently requires high upfront capital investment, aligning perfectly with the BCG definition of a Star consuming cash to maintain its high-growth trajectory.

Italian Solar Development

The European solar market, particularly in Italy, is a key focus area, marked by significant capacity under active development and recent financing milestones. Ellomay Capital Ltd. is pushing forward with its Italian Solar Portfolio, which totals 198 MW across operational and development stages. The growth focus is on the projects that have reached the critical pre-construction phase.

• 160 MW of solar capacity has construction agreements executed, targeting commencement in early Q2 2025.
• The portfolio includes 134 MW that has achieved the ready-to-build status.
• The operational capacity in Italy stands at approximately 38 MW connected to the grid.

To support this build-out, Ellomay Capital Ltd. secured substantial funding. A financing agreement was executed in March 2025 for up to €110 million via senior secured notes due December 31, 2047, bearing an interest rate of 4.50% per annum. Furthermore, a strategic investment by Clal Insurance Company Ltd. closed in June 2025, where Clal invested approximately €52 million for a 49% interest in the 198 MW Italian Solar Portfolio.

Israeli Solar/Storage Projects

In Israel, the focus is on integrating solar generation with battery storage, tapping into the rapidly expanding energy storage sector. These new ventures are positioned for high growth, but the development process has seen some setbacks, including a forfeiture payment.

• The Komemiyut Project is planned for 21 solar MW paired with 50 MW/hour batteries.
• The Qelahim Project is also planned for 21 solar MW paired with 50 MW/hour batteries.
• The Manara Cliff pumped storage hydro power plant is 156 MW, with ongoing negotiations to increase capacity to 220 MW.
• The Company paid a guarantee forfeiture of NIS 1.8 million related to waiving rights in a solar/battery tender process for these projects.

Texas Solar Portfolio

The US energy market, specifically Texas, represents another high-growth area where Ellomay Capital Ltd. is connecting assets to the grid. The strategy here has involved monetizing tax benefits to fund further development, which is a key characteristic of managing a Star asset-investing cash now to secure future cash flow.

• Approximately 27 MW of solar capacity was connected to the grid in 2025 (or expected in early 2025).
• An additional 22 MW is under construction or awaiting connection.
• The portfolio of nearly 50 MW in Texas (including Fairfield, Malakoff, Mexia, and Talco projects) generated approximately $19 million from the sale of Investment Tax Credits (ITCs).

This $19 million from the ITC transfer represented about 32% of the expected total portfolio costs for those specific projects, allowing Ellomay Capital Ltd. to retain 100% of the operating profits.

You can see the scale of capital deployment and capacity across these growth areas here:

These projects demand high capital investment but promise future market dominance in renewable energy. The 160 MW in Italy under construction agreements and the 22 MW awaiting connection in Texas are prime examples of assets consuming cash now to capture market share in markets with high growth rates, which is the textbook definition of a Star in the BCG framework.

Ellomay Capital Ltd. (ELLO) - BCG Matrix: Cash Cows

You're looking at the core, reliable engine of Ellomay Capital Ltd.'s financial structure-the Cash Cows. These are the established assets operating in mature energy markets, commanding significant market presence and consistently converting operations into tangible cash flow. They don't require massive capital expenditure for growth, but rather maintenance to keep the cash flowing steadily to fund the rest of the business.

The TTM revenue for Ellomay Capital Ltd. as of November 2025 stands at $45.64 Million USD. A substantial portion of this stability comes from these high-market-share, low-growth power generation assets. They are the units that generate more cash than they consume, providing the necessary liquidity for Ellomay Capital Ltd. to service corporate debt, fund development in higher-growth areas, and support shareholder returns.

Here's a look at the primary assets categorized as Cash Cows, which are the bedrock of the current operational cash generation for Ellomay Capital Ltd.:

These assets require minimal new investment to maintain their current output levels, allowing Ellomay Capital Ltd. to 'milk' the gains passively. The predictability of the revenue streams, especially from contracted power sales, is what defines their Cash Cow status. For instance, the Talasol plant's structure is designed for stability.

• Talasol PV Plant: 300 MW capacity in Spain.
• Talasol PPA coverage: Approximately 80% of output is secured.
• Dorad Power Station: Provides reliable cash flow from 850 MW capacity.
• Italian Solar: 38 MW already operating and generating revenue.
• Contribution: These assets significantly support the $45.64 Million USD TTM revenue.

Because these units are mature, the focus shifts from aggressive promotion to operational efficiency improvements. Any investment here is targeted, perhaps in infrastructure upgrades that boost efficiency, which in turn increases the net cash flow extracted. You want to keep these machines running optimally without overspending on marketing or market share battles that no longer apply.

Ellomay Capital Ltd. (ELLO) - BCG Matrix: Dogs

Dogs are business units characterized by low market share in slow-growth markets. These units tie up capital without generating significant returns, making divestiture a common strategic consideration for Ellomay Capital Ltd.

The two primary segments fitting this profile within Ellomay Capital Ltd.'s portfolio, based on market maturity and relative positioning, are the older Netherlands Biogas Plants and certain smaller, merchant solar assets in Spain.

Netherlands Biogas Plants

The Netherlands Biogas Plants represent older, smaller assets in a mature segment. These facilities operate with a combined green gas production capacity of approximately 16.3 million Nm3 per year. Ellomay Capital Ltd.'s Dutch biogas plants returned to the subsidy regime for the year ended December 31, 2024, after electing to temporarily exit and sell gas at market prices in 2023. The company is pursuing expansion here, advancing in obtaining licenses to expand operations by an additional 50% while making relatively small investments. For the year ended December 31, 2024, net cash provided by operating activities saw a decrease, partly attributed to the gas price environment in the Netherlands in 2024 compared to 2023.

• Combined green gas production capacity: approximately 16.3 million Nm3 per year.
• One specific plant, GG Gelderland, has an actual production capacity of approximately 9.5 million Nm3 per year.
• Strategy involves seeking licenses for a 50% operational expansion.

Small-scale, unsubsidized solar assets

The small-scale solar assets, particularly those selling electricity at volatile spot market prices, fit the Dog profile due to exposure to market volatility and lower relative scale compared to the company's larger development pipeline. The 28 MW Ellomay Solar S.L. facility in Spain is a key example. This asset experienced revenue loss in July 2024 due to a fire, for which the company recorded approximately €1.7 million as 'other income' from insurers for loss of income for the year ended December 31, 2024. Revenue decreases for the year ended December 31, 2024, were partly due to a reduction in electricity prices in Spain between February and May 2024. The company did, however, secure project finance for this 28 MW plant, which includes a senior term loan of €10 million, with an interest rate fixed at approximately 5.5% annually via a swap agreement.

Here's a quick look at the operational scale of these Dog-classified assets based on year-end 2024 data:

Divestiture Strategy Indication

The action taken on the 9 MW Talmei Yosef solar plant in Israel strongly suggests a strategy to minimize exposure to such assets. Ellomay Capital Ltd. consummated the sale of this facility on June 2, 2024. The net consideration received at closing was approximately NIS 42.6 million, which translates to approximately €10.6 million. Following this transaction, Ellomay Capital Ltd. presents the results of this solar plant as a discontinued operation in its financial reporting. This move frees up capital, which the company earmarked for PV projects in the USA and Italy.

• Asset Divested: 9 MW Talmei Yosef solar plant (Israel).
• Sale Consummation Date: June 2, 2024.
• Net Consideration Received: Approximately €10.6 million.
• Accounting Treatment: Presented as a discontinued operation.

Ellomay Capital Ltd. (ELLO) - BCG Matrix: Question Marks

You're looking at the Question Marks quadrant of Ellomay Capital Ltd. (ELLO), which is where high-growth market opportunities meet a current low market share, demanding significant cash to move them toward Star status. These are the big bets Ellomay Capital Ltd. is placing for future revenue generation, but they are currently draining resources.

The most significant capital-intensive project falling squarely into this category is the Manara Cliff Pumped Storage (Israel) facility. This is a large hydro power project with an expected capacity of 156 MW. Ellomay Capital Ltd. holds an 83.34% ownership stake in this venture. The project, which commenced work in April 2021, has an expected total cost of EUR 467 million. Due to the Iron Swords War, the project schedule has been extended by 16 months, with the expected commercial operation date now set for the First Half of 2029. This project required significant initial equity investment, having closed a NIS 1.5 Billion financing package.

The strain from these growth investments is visible in the top-line results. For the year ended December 31, 2024, Ellomay Capital Ltd. reported a net loss of approximately €9.5 million. This loss occurred despite total assets growing to approximately €676.7 million as of that same date. The need for cash to push these projects forward is clear; they are consuming capital now for returns that are still years away.

The US solar development pipeline represents another area requiring substantial cash to gain market share. As of the second quarter of 2024, Ellomay Capital Ltd. had 49 MW of solar projects under construction in the Dallas Metropolitan area, Texas, USA. Furthermore, the company is advancing additional projects, with plans for 50 MW to begin construction during 2025. These US assets are in a high-growth market but require the capital injection to move from development/construction to operational status, where they can start generating returns.

Here's a snapshot of the key Question Mark assets and their current status, based on the latest available data near the reporting date of June 2025:

• Manara Cliff Ownership: 83.34%
• Manara Cliff Capacity: 156 MW
• Manara Cliff Expected Cost: EUR 467 million
• Manara Cliff Expected Annual EBITDA (100%): EUR 32 million
• Texas Solar Under Construction (Q2 2024): 49 MW
• Texas Solar Planned 2025 Construction: 50 MW

These projects are in high-growth markets, but their low current market share means they are cash negative for Ellomay Capital Ltd. right now. The strategy is to invest heavily to increase that share, converting the Manara Cliff project's potential annual EBITDA of EUR 32 million (at 100% ownership) and the US solar capacity into operational Stars. If the company cannot secure the necessary capital to quickly advance these developments, they risk becoming Dogs as market dynamics shift or development timelines extend further.