Italy · Delayed Price · Currency is EUR ERG S.p.A. Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw EBITDA rise 16% and net profit 24% year-over-year, driven by new capacity and strong U.K. performance, while U.S. results were impacted by weather. Guidance for 2026 is unchanged, with upside possible from higher prices, and investment grade rating reaffirmed.
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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EBITDA and net profit grew in Q3 2025, driven by new capacity and improved wind, despite lower capture prices and higher financial charges. Investments focused on organic growth and battery storage, with guidance confirmed near the midpoint.
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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 sharp drop in EBITDA and net profit due to record-low wind conditions across Europe, only partially offset by new capacity and higher prices. Guidance for 2025 is maintained, assuming wind returns to normal, with investments and capital allocation focused on value over volume.
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.