Ellomay Capital Ltd.(NYSE American: ELLO) (TASE: ELLO)("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and the US, today reported the publication in Israel of financial statements for the year ended December 31, 2023 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) ("Ellomay Luzon Energy").

On March 27, 2024, Amos Luzon Entrepreneurship and Energy Group Ltd. (the "Luzon Group"), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 18.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the year ended December 31, 2023 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results and financial statements for this period. In an effort to provide Ellomay's shareholders with access to Dorad's financial results (which were published in Hebrew), Ellomay hereby provides an English version of Dorad's financial results.

Dorad Financial Highlights

-- Dorad's revenues for the year ended December 31, 2023 - approximately NIS 2,722.4 million.

-- Dorad's operating profit for the year ended December 31, 2023 - approximately NIS 438.9 million.

Based on the information provided by Dorad, the demand for electricity by Dorad's customers is seasonal and is affected by, inter alia, the climate prevailing in that season. Since January 1, 2023, the months of the year are split into three seasons as follows: the summer season - the months of June, July, August and September; the winter season - the months of December, January and February; and intermediate seasons - (spring and autumn), the months from March to May and from October to November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad's revenues are affected by the change in load and time tariffs - TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons.Due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of full year results in the future or comparable to full year results in the past.

The financial statements of Dorad include a note concerning the impact of the war in Israel, which commenced on October 7, 2023, on Dorad's operations. The note states that the "Iron Swards" war commenced on October 7, 2023, by a surprise attack by the Hamas terror organization against the State of Israel, following which a substantial recruitment of reserves was made and the State of Israel declared a war situation. During the days of fighting, thousands of rockets were launched towards the State of Israel, and shrapnel landed several times in the area of the Dorad power plant and caused immaterial damage to property and equipment, but did not impact the ongoing operation of the power plant. The security situation resulted in a decrease in the scope of economic and business activity in Israel and caused, among other things, a disruption in the supply and production chain, a decrease in the scope of national transportation, a shortage of personnel, a decrease in the value of financial assets and an increase in the exchange rate of foreign currencies relative to the NIS. Due to the war and in accordance with notifications provided by the Israeli Ministry of Energy to the operator of the "Tamar" natural gas field, the natural gas extraction from the reservoir was temporarily halted and thereafter renewed. This did not have a material impact on Dorad's operations, which continued operating the power plant based on natural gas purchased from Energean Israel Ltd. Dorad estimated, based on the information it had as of February 29, 2024 (the date of approval of Dorad's financial statements as of December 31, 2023), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the continuation of the war and hostilities or their cessation may affect Dorad's assessments, as of the date of the financial statements, Dorad had no ability to assess the extent of the impact of the war on its business activity and its medium and long-term results. Dorad continues to regularly monitor the developments and examine the effects on its operations and the value of its assets.

An English version of the financial results for Dorad as of December 31, 2023 and 2022 and for each of the three years ended December 31, 2023 is included at the end of this press release. Ellomay does not undertake to separately report Dorad's financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

-- Approximately35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;

-- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel's largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel's total current electricity consumption;

-- 51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;

-- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants inthe Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;

-- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;

-- Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that finished construction of photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy;

-- Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW, 54.77 MW, 8 MW and 18 MW, respectively, in Italy that have reached "ready to build" status; and

-- Fairfield Solar Project, LLC, Malakoff Solar I, LLC, Malakoff Solar II, LLC, Mexia Solar I, LLC, Mexia Solar II, LLC, and Talco Solar, LLC, that are developing photovoltaic projects with installed capacity of 13.44 MW, 6.96 MW, 6.96 MW, 5.2 MW, 5.2 MW and 9.7 MW, respectively, in the Dallas Metropolitan area, Texas, and have reached "ready to build" status.

For more information about Ellomay, visithttp://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including changes in electricity prices and demand, continued war and hostilities in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad's facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction and political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States, in addition to other risks and uncertainties associated with the Company's and Dorad's business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Kalia Rubenbach (Weintraub) CFO Tel: +972 (3) 797-1111 Email:hilai@ellomay.com

Dorad Energy Ltd. Statements of Financial Position December 31 December 31 2023 2022 NIS thousands NIS thousands Current assets Cash and cash equivalents 219,246 151,481 Trade receivables and accrued income 211,866 238,581 Other receivables 12,095 32,809 Total current assets 443,207 422,871 Non-current assets Restricted deposits 522,319 514,543 Prepaid expenses 30,053 32,072 Fixed assets 3,106,550 3,253,196 Intangible assets 7,653 6,404 Right of use assets 55,390 57,486 Total non-current assets 3,721,965 3,863,701 Total assets 4,165,172 4,286,572 Current liabilities Current maturities of loans from banks 299,203 279,506 Current maturities of lease liabilities 4,787 4,645 Trade payables 166,089 228,468 Other payables 31,446 11,439 Total current liabilities 501,525 524,058 Non-current liabilities Loans from banks 1,995,909 2,211,895 Other long-term liabilities 12,943 17,529 Long-term lease liabilities 47,618 49,292 Provision for restoration and decommissioning 38,985 50,000 Deferred tax liabilities 278,095 215,016 Liabilities for employee benefits, net 160 160 Total non-current liabilities 2,373,710 2,543,892 Equity Share capital 11 11 Share premium 642,199 642,199 Capital reserve for activities with shareholders 3,748 3,748 Retained earnings 643,979 572,664 Total equity 1,289,937 1,218,622 Total liabilities and equity 4,165,172 4,286,572

Dorad Energy Ltd. Statements of Profit and Loss for the Year Ended December 31 2023 2022 2021 NIS thousands NIS thousands NIS thousands Revenues 2,722,396 2,369,220 2,103,911 Operating costs of the power plant Energy costs 583,112 544,118 428,051 Purchases of electricity and infrastructure services 1,244,646 1,088,127 1,053,997 Depreciation and amortization 242,104 239,115 225,715 Other operating costs 186,024 157,189 114,360 Total operating costs of the power plant 2,255,886 2,028,549 1,822,123 Profit from operating the power plant 466,510 340,671 281,788 General and administrative expenses 27,668 24,066 24,502 Other income 39 - 11,603 Operating profit 438,881 316,605 268,889 Financing income 45,286 52,131 4,694 Financing expenses 209,773 271,116 219,013 Financing expenses, net 164,487 218,985 214,319 Profit before taxes on income 274,394 97,620 54,570 Taxes on income 63,079 22,340 12,844 Net profit for the year 211,315 75,280 41,726

Dorad Energy Ltd. Statements of Changes in Equity Capital reserve for activities with Share controlling Retained Share capital premium shareholders earnings Total NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands For the year ended December 31, 2023 Balance as atJanuary 1, 2023 11 642,199 3,748 572,664 1,218,622 Dividend distributed - - - (140,000) (140,000) Net profit for the year - - - 211,315 211,315 Balance as atDecember 31, 2023 11 642,199 3,748 643,979 1,289,937 For the year ended December 31, 2022 Balance as atJanuary 1, 2022 11 642,199 3,748 497,384 1,143,342 Net profit for the year - - - 75,280 75,280 Balance as atDecember 31, 2022 11 642,199 3,748 572,664 1,218,622 For the year ended December 31, 2021 Balance as atJanuary 1, 2021 11 642,199 3,748 555,658 1,201,616 Dividend distributed - - - (100,000) (100,000) Net profit for the year - - - 41,726 41,726 Balance as atDecember 31, 2021 11 642,199 3,748 497,384 1,143,342

Dorad Energy Ltd. Statements of Cash Flows for the Year Ended December 31 2023 2022 2021 NIS thousands NIS thousands NIS thousands Cash flows from operating activities: Profit for the year 211,315 75,280 41,726 Adjustments: Depreciation, amortization, and diesel consumption 245,566 242,345 228,099 Taxes on income 63,079 22,340 12,844 Financing expenses, net 164,487 218,985 214,319 473,132 483,670 455,262 Change in trade receivables 26,715 9,991 48,875 Change in other receivables 20,714 7,480 (18,888) Change in trade payables (115,976) (127,907) 22,926 Change in other payables 2,507 4,339 3,292 Change in other long-term liabilities (4,586) 1,695 15,834 (70,626) (104,402) 72,039 Taxes on income paid - (21,795) - Net cash from operating activities 613,821 432,753 569,027 Cash flows from investing activities: Proceeds from settlement of financial derivatives 8,884 13,652 392 Decrease (increase) in long-term restricted deposits 40,887 - (53,175) Investment in fixed assets (102,082) (110,715) (72,530) Investment in intangible assets (3,162) (1,810) (2,020) Interest received 33,501 6,433 1,584 Net cash used in investing activities (21,972) (92,440) (125,749) Cash flows from financing activities: Repayment of lease liability principal and interest (4,817) (4,726) (4,624) Repayment of loans from banks (253,382) (255,705) (210,449) Dividends paid (122,500) - (100,000) Interest paid (151,220) (159,804) (162,781) Net cash used in financing activities (531,919) (420,235) (477,854) Net increase (decrease) incash and cash equivalents 59,930 (79,922) (34,576) Effect of exchange rate fluctuations on cash and cash equivalents 7,835 29,543 (10,643) Cash and cash equivalents at beginning of year 151,481 201,860 247,079 Cash and cash equivalents at end of year 219,246 151,481 201,860

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SOURCE Ellomay Capital Ltd.

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