Il Consiglio di Amministrazione di ERG S.p.A. approva i risultati consolidati del primo trimestre 2026

The Board of Directors of ERG S.p.A. approves the consolidated results for the first quarter of 2026

 

  • Adjusted consolidated EBITDA: EUR 167 million, EUR 143 million in the first quarter of 20251
  • Adjusted profit attributable to owners of the parent: EUR 61 million, EUR 49 million in the first quarter of 20251
  • 2026 Guidance confirmed, EBITDA between EUR 520 million and EUR 590 million

 

  • Financial results – Gross operating profit amounted to EUR 167 million, up 16% from EUR 143 million in the first quarter of 2025, and net profit totalled EUR 61 million, up 24% from EUR 49 million in 2025. This performance reflects a recovery in wind resource and the contribution from new installed capacity brought into operation between 2025 and 2026 in the UK, France and Germany. These positive effects were only partially offset by lower captured prices compared with the first quarter of 2025, mainly due to hedging at lower price levels inherent in the time-to-delivery at the time the hedges were entered into.
     
  • Wind production recovery in Europe, decline in the USA – Higher wind resource recorded in Europe in the quarter, albeit below historical averages. The UK portfolio delivered a particularly strong performance, also benefiting from the contribution of new assets acquired at the beginning of the year in England. By contrast, the 224 MW US wind farm performance was significantly affected by exceptional weather events in January and February, with a material impact on plant availability, as well as by severe grid congestion which adversely affected selling prices.
     
  • Development progress – Tangible progress was made on the 700 MW pipeline of highly visible projects. An 80 MW BESS project in Campania was authorised and a final investment decision was taken for a 25 MW greenfield wind project in France. In wind repowering, final approval was granted for the 121 MW Nulvi-Ploaghe project in Sardinia, now fully authorised and eligible for Route to Market; a further 25 MW repowering project was authorised in France. In Italy, approval was granted for the construction of solar asset revamping and extension projects totalling 41 MW, of which 36 MW under the Feed-in Tariff.
     
  • Financial Strategy – Fitch confirmed for ERG a Long-Term Issuer Default Rating (IDR) of BBB- with stable outlook and senior unsecured rating at BBB-. The financial structure was further optimised through the drawdown of EIB financing and the signing of new bank facilities with extended maturities and improved pricing.
     
  • ESG strategy – The Group’s ESG excellence was reaffirmed with its inclusion among the top 5% performers in the S&P Global Sustainability Yearbook 2026. As part of the Social Purpose for Solar Revamping initiative, aimed at repurposing second-hand panels for social use, the installation of a solar plant at a nursery school in Ukraine was completed in collaboration with Greenpeace.
     
  • Guidance – the 2026 guidance is confirmed with expected EBITDA between EUR 520 million and EUR 590 million, investments between EUR 330 million and EUR 380 million and net financial debt between EUR 1,950 million and EUR 2,050 million.

Genoa, 15 May 2026 – The Board of Directors of ERG S.p.A. has approved the consolidated results for the first quarter of 2026.

Paolo Merli, Chief Executive Officer of ERG, commented: “The good performance in the first quarter primarily reflects increased installed capacity and improved wind resource in Europe. During the period, we achieved important milestones in development, further strengthening our conviction that renewables and storage systems represent the most effective solution to ensure energy security and stabilise costs, in a context still marked by significant geopolitical tensions and renewed commitment to decarbonisation. At today’s Board meeting, we approved two projects involving over EUR 60 million of investments: the revamping of solar plants in Italy totalling 41 MW and the construction of a 25 MW wind farm in France. During the period, we secured authorisations for 226 MW, mainly in Italy and to a lesser extent in France, across wind repowering and storage projects, which represent our two main development lines. These projects are now eligible for long-term energy sales contracting through PPAs or auction-awarded CfD tariffs. During the period, liability management transactions for nearly EUR 500 million were also completed further strengthening the capital structure and optimising the cost of debt. In this context, we are particularly pleased with the confirmation of our Investment Grade rating announced yesterday by Fitch. For 2026, we confirm our guidance with a gross operating profit expected in the range of EUR 520 million to EUR 590 million, investments between EUR 330 million and EUR 380 million and net financial debt between EUR 1,950 million and EUR 2,050 million.”

1The figure for the first quarter of 2025 has been restated for comparative purposes, excluding the contribution of the Swedish business (EUR +2 million), which was disposed of on 20 January 2026 and reclassified to the line “Net profit (loss) from discontinued operations” in application of IFRS 5.