Italy · Delayed Price · Currency is EUR ERG S.p.A. Earnings Call Transcripts
Fiscal Year 2025
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2025 EBITDA was EUR 540 million, with net profit down 11% year-on-year due to weak wind and lower prices. 2026 guidance is below consensus, reflecting lower captured prices, fewer installed MW, and downtime from repowering. Strategic focus shifts to organic growth, asset rotation, and long-term PPAs.
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Q3 EBITDA rose 9% year-on-year to EUR 119 million, driven by new capacity and improved wind, while nine-month adjusted net profit fell 16% due to higher depreciation and financial charges. Full-year guidance is confirmed near the midpoint, with strong PPA activity and ongoing investment in storage and repowering.
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Q2 2025 EBITDA rose 11% YoY to €128M, offsetting weak wind conditions with new capacity and U.S. asset consolidation. H1 EBITDA was €274M (−3% YoY), with net profit down 22% due to lower production and higher charges. Full-year guidance is confirmed as wind speeds normalize.
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Q1 2025 saw a 12% drop in EBITDA and 37% lower net profit due to exceptionally weak wind across Europe, partially offset by new capacity and stable pricing. Guidance for 2025 is maintained, with recovery dependent on wind normalization and continued disciplined investment.
Fiscal Year 2024
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2024 EBITDA was stable at EUR 535 million, with net profit down 22% due to higher charges. Investments rose 13%, and shareholder remuneration reached EUR 1.15 per share. 2025 guidance reflects wind drought impacts, with a focus on value over volume and strong balance sheet.
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Nine-month EBITDA rose 4% year-over-year to EUR 390 million, driven by new capacity, while adjusted net profit fell 13% due to higher depreciation and financial charges. 2024 EBITDA guidance was narrowed to EUR 520–560 million amid weak wind, with 2025 expected to benefit from new assets and higher hedging prices.
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EBITDA rose 4% YoY in H1 2024 to EUR 281 million, driven by new capacity and U.S. consolidation, while adjusted net profit fell 7% due to higher depreciation and taxes. 2024 guidance is unchanged, with significant investments and new projects set to boost future growth.