ERG (ERG) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA for H1 2025 was €274 million, down 3% year-over-year due to historically low wind speeds, partially offset by new capacity additions and U.S. asset consolidation.

• Q2 2025 EBITDA rose 11% year-over-year to €128 million, driven by repowered assets in Italy and new capacity in Europe and the US, despite wind drought.

• Strategic progress included commissioning of the first battery storage plant in Italy, start-up of Corlacky wind farm (47 MW) in Northern Ireland, and new wind/solar capacity in multiple countries.

• Multiple long-term PPAs were signed, enhancing revenue visibility and supporting commercial strategy.

• Recognized for ESG leadership, including CDP A list, Identity Corporate Index, and renewed gender equality certification.

Financial highlights

• Q2 2025 EBITDA: €128 million (+11% YoY); H1 2025 EBITDA: €274 million (−3% YoY).

• Q2 2025 adjusted net profit: €28 million (down from €34 million YoY); H1 2025 adjusted net profit: €83 million (−22% YoY).

• H1 2025 investments: €143 million, mainly for acquisitions and new wind/solar/storage projects in the UK, Germany, France, and Italy.

• Net financial indebtedness at June 30, 2025: €1,949 million, up from €1,793 million at end-2024, reflecting investments and dividend payments.

• H1 2025 adjusted revenue: €382 million, slightly down from €386 million in H1 2024.

Outlook and guidance

• 2025 EBITDA guidance confirmed at €540–600 million, assuming normalized wind conditions in H2.

• CapEx guidance: €190–240 million; year-end net financial position: €1,850–1,950 million.

• Wind EBITDA in Italy expected to decrease slightly due to low wind, partially offset by new repowered capacity and higher incentives; solar EBITDA in Italy expected to increase.

• Wind & solar EBITDA abroad expected to rise significantly, mainly from US and UK acquisitions and new French/German capacity.

• Wind speeds have returned to normal in recent months, supporting confidence in guidance.