Exhibit 99.1

Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three Months Ended March 31, 2024

Tel-Aviv, Israel, May 31, 2024 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements for the three months ended March 31, 2024 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 May 31, 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 quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the quarter ended March 31, 2024 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 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 a convenience translation of Dorad’s financial results.

Dorad Financial Highlights

● Dorad’s unaudited revenues for the three months ended March 31, 2024 – approximately NIS 610.9 million.

● Dorad’s unaudited operating profit for the three months ended March 31, 2024 – approximately NIS 118.6 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, October and 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. Therefore, the results presented for the quarter ended March 31, 2024, which include winter months of January and February and the intermediate month of March, are not indicative of full year results. In addition, 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 first quarter results in the future or comparable to first quarter results in the past.

The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of May 27, 2024 (the date of approval of Dorad’s financial statements as of March 31, 2024), 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 is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.

A translation of the financial results for Dorad as of and for the year ended December 31, 2023 and as of and for each of the three month periods ended March 31, 2024 and 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 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 and Spain, including:

● Approximately 35.9 MW of photovoltaic power plants in Spain, a photovoltaic power plant of approximately 9 MW in Israel and a photovoltaic power plant of 4.95 MW in Italy;

● 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 in the 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 that owns a photovoltaic plant with installed capacity of 14.8 MW in the Lazio Region, Italy that is ready for connection to the grid;

● Ellomay Solar Italy Four SRL (15.06 MW PV), Ellomay Solar Italy Five SRL (87.2 MW PV), Ellomay Solar Italy Seven SRL (54.77 MW PV), Ellomay Solar Italy Nine SRL (8 MW PV) and Ellomay Solar Italy Ten SRL (18 MW PV) that are developing photovoltaic projects in Italy that have reached “ready to build” status; and

● Fairfield Solar Project, LLC (13.44 MW PV), Malakoff Solar I, LLC (6.96 MW PV) and Malakoff Solar II, LLC (6.96 MW PV), that are constructing photovoltaic plants and Mexia Solar I, LLC (5.6 MW PV), Mexia Solar II, LLC (5.6 MW PV), and Talco Solar, LLC (10.3 MW PV), that are developing photovoltaic projects that have reached “ready to build” status, all in the Dallas Metropolitan area, Texas..

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

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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 and political and economic conditions generally 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 other risks applicable to projects under development and construction, 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

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Dorad Energy Ltd.

Statements of Financial Position

	March 31		March 31		December 31
	2024		2023		2023
	(Unaudited)		(Unaudited)		(Audited)
	NIS thousands		NIS thousands		NIS thousands
Current assets
Cash and cash equivalents		399,596		323,883		219,246
Trade receivables and accrued income		181,182		184,689		211,866
Other receivables		13,850		19,224		12,095
Financial derivatives		-		3,902		-
Total current assets		594,628		531,698		443,207
Non-current assets
Restricted deposit		514,770		526,199		522,319
Prepaid expenses		29,548		31,573		30,053
Fixed assets		3,065,103		3,212,580		3,106,550
Intangible assets		7,573		6,722		7,653
Right of use assets		54,544		57,109		55,390
Total non-current assets		3,671,538		3,834,183		3,721,965
Total assets		4,266,166		4,365,881		4,165,172
Current liabilities
Current maturities of loans from banks		329,137		313,996		299,203
Current maturities of lease liabilities		4,787		4,645		4,787
Trade payables		158,545		172,081		166,089
Other payables		19,897		19,214		31,446
Financial derivatives		1,125		-		-
Total current liabilities		513,491		509,936		501,525
Non-current liabilities
Loans from banks		2,001,668		2,235,981		1,995,909
Other Long-term liabilities		11,562		15,926		12,943
Long-term lease liabilities		48,007		50,130		47,618
Provision for dismantling and restoration		38,013		50,000		38,985
Deferred tax liabilities		297,691		231,157		278,095
Liabilities for employee benefits, net		160		160		160
Total non-current liabilities		2,397,101		2,583,354		2,373,710
Equity
Share capital		11		11		11
Share premium		642,199		642,199		642,199
Capital reserve from activities with shareholders		3,748		3,748		3,748
Retained earnings		709,616		626,633		643,979
Total equity		1,355,574		1,272,591		1,289,937
Total liabilities and equity		4,266,166		4,365,881		4,165,172

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Dorad Energy Ltd.

Interim Condensed Statement of Income

	For the three months ended				Year ended
	March 31				December 31
	2024		2023		2023
	(Unaudited)		(Unaudited)		(Audited)
	NIS thousands		NIS thousands		NIS thousands
Revenues		610,882		648,316		2,722,396
Operating costs of the Power Plant
Energy costs		131,084		124,074		583,112
Electricity purchase and
infrastructure services		263,191		317,162		1,244,646
Depreciation and
amortization		55,514		56,345		242,104
Other operating costs		42,469		34,171		186,024
Total operating costs of Power Plant		492,258		531,752		2,255,886
Profit from operating the Power Plant		118,624		116,564		466,510
General and administrative expenses		9,874		6,594		27,668
		-		-		39
Operating profit		108,750		109,970		438,881
Financing income		12,879		19,222		45,286
Financing expenses		36,396		59,082		209,773
Financing expenses, net		23,517		39,860		164,487
Profit before taxes on income		85,233		70,110		274,394
Taxes on income		19,596		16,141		63,079
Profit for the period		65,637		53,969		211,315

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Dorad Energy Ltd.

Interim Condensed Statement of Changes in Shareholders’ Equity

					Capital reserve
					for activities
	Share		Share		with		Retained
	capital		premium		shareholders		earnings			Total Equity
	NIS thousands		NIS thousands		NIS thousands		NIS thousands			NIS thousands
For the three months ended March 31, 2024 (Unaudited)
Balance as at January 1, 2024 (Audited)		11		642,199		3,748		643,979			1,289,937
Profit for the period		-		-		-		65,637			65,637
Balance as at March 31, 2024 (Unaudited)		11		642,199		3,748		709,616			1,355,574
For the three months ended March 31, 2023 (Unaudited)
Balance as at January 1, 2023 (Audited)		11		642,199		3,748		572,664			1,218,622
Profit for the period		-		-		-		53,969			53,969
Balance as at March 31, 2023 (Unaudited)		11		642,199		3,748		626,633			1,272,591
For the year ended December 31, 2023 (Audited)
Balance as at January 1, 2023 (Audited)		11		642,199		3,748		572,664			1,218,622
Dividend distributed		-		-		-		(140,000	)		(140,000	)
Profit for the year		-		-		-		211,315			211,315
Balance as at December 31, 2023 (Audited)		11		642,199		3,748		643,979			1,289,937

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Dorad Energy Ltd.

Interim Condensed Statements of Cash Flows

	For the three months ended						Year ended
	March 31						December 31
	2024			2023			2023
	(Unaudited)			(Unaudited)			(Audited)
	NIS thousands			NIS thousands			NIS thousands
Cash flows from operating activities:
Profit for the period		65,637			53,969			211,315
Adjustments:
Depreciation and amortization and fuel consumption		59,379			56,790			245,566
Taxes on income		19,596			16,141			63,079
Financing expenses, net		23,517			39,860			164,487
		102,492			112,791			473,132
Change in trade receivables		30,684			53,892			26,715
Change in other receivables		(4,493	)		13,585			20,714
Change in trade payables		(8,906	)		(67,513	)		(115,976	)
Change in other payables		5,954			7,775			2,507
Change in Other long-term liabilities		(1,381	)		(1,603	)		(4,586	)
		21,858			6,136			(70,626	)
Net cash flows provided by operating activities		189,987			172,896			613,821
Cash flows used in investing activities
Proceeds (used in) for settlement of financial derivatives		(1,395	)		1,172			8,884
Insurance proceeds in respect of damage to fixed asset		2,737			-			-
Decrease in long-term restricted deposits		17,500			-			40,887
Investment in fixed assets		(17,069	)		(14,213	)		(102,082	)
Investment in intangible assets		(412	)		(817	)		(3,162	)
Interest received		9,577			6,024			33,501
Net cash flows provided by (used in)  investing activities		10,918			(7,834	)		(21,972	)
Cash flows from financing activities:
Repayment of lease liability principal		(100	)		(100	)		(4,817	)
Repayment of loans from banks		-			-			(253,382	)
Dividends paid		(17,500	)		-			(122,500	)
Interest paid		(196	)		(150	)		(151,220	)
Net cash flows used in financing activities		(17,796	)		(250	)		(531,919	)
Net increase in cash and cash equivalents for the period		183,109			164,812			59,930
Effect of exchange rate fluctuations on cash and cash equivalents		(2,759	)		7,590			7,835
Cash and cash equivalents at beginning of period		219,246			151,481			151,481
Cash and cash equivalents at end of period		399,596			323,883			219,246

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