ERG SpA (MIL:ERG)

Q1 2026 ERG SpA Earnings Call Transcript

May 15, 2026 / 12:30 PM GMT

Release Date Price: €23.38 (+1.39%)

Transcript

Key Points

Positve

ERG SpA (STU:ER9) reported a 16% year-on-year increase in EBITDA for Q1 2026, reaching EUR 167 million, driven by new installed capacity and improved wind conditions.
The UK operations showed strong performance, contributing EUR 25 million to EBITDA, three times more than the previous year, due to increased installed capacity.
The company maintained a solid financial position with a net financial debt of EUR 1.8 billion, down 4% from the end of last year, supported by strong cash generation.
ERG SpA (STU:ER9) was included in the top five of the electric utilities sector in the 2026 Standard & Poor Global Sustainability Yearbook, highlighting its ESG achievements.
The company confirmed its investment-grade rating with a stable outlook from Fitch, reflecting its strong financial discipline and strategic achievements.

Negative

ERG SpA (STU:ER9) faced challenges in the US market due to exceptional weather events, resulting in lower wind availability and a negative impact on capture prices, estimated at EUR 6 million.
Lower clearing prices partially offset the positive impact of increased wind production, affecting overall revenue.
The company experienced grid congestions in the US, negatively impacting capture prices and overall performance.
ERG SpA (STU:ER9) did not upgrade its guidance despite a strong Q1 performance, citing uncertainties in wind conditions and market dynamics.
The Italian energy decree was criticized by the company for not meeting European Commission conditions, potentially impacting future operations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ERG.MI - ERG SpA
Q1 2026 ERG SpA Earnings Call
May 15, 2026 / 12:30PM GMT

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Presentation
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Good afternoon, this is the Carusco Conference Operator.

Welcome and thank you for joining the ERG First Quarter 2026 Results Conference Call.

As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference, call them a signal an operator by pressing star and zero on their telephone. At this time, I

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