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ERG (ERG) investor relations material
ERG Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Adjusted EBITDA for the first nine months of 2025 was EUR 393 million, up slightly year-on-year; Q3 EBITDA was EUR 119 million, up 9% year-on-year, driven by new capacity and improved wind conditions.
Adjusted net profit for nine months was EUR 110 million, down from EUR 130 million year-on-year due to higher depreciation and financial charges; Q3 net profit was EUR 27 million, up from EUR 25 million.
Major capacity additions included the 47 MW Corlacky wind farm in Northern Ireland and the first 12.5 MW BESS plant in Sicily.
Three new long-term PPAs signed, totaling 1.2 TWh/year, securing revenues for merchant plants; three projects entered FERX auction for 148 MW.
ESG ratings improved, with Sustainable Fitch at 83 and GRESB score at 98/100.
Financial highlights
Q3 2025 revenue was EUR 176 million, up from EUR 156 million in Q3 2024; nine-month revenue was EUR 558 million, up from EUR 542 million.
EBITDA margin for nine months was 70% (72% in 2024); Q3 margin was 68% (70% in Q3 2024).
Net financial position at 30 September 2025 was EUR 1,793 million, improving from EUR 1,882 million at end-2024; net financial indebtedness before IFRS 16 at 30 September 2025 was EUR 1,882 million.
Capital expenditure for the first nine months was EUR 164 million, down from EUR 500 million in 2024; significant M&A activity in France, US, and Scotland.
Net financial expenses increased to EUR 36 million from EUR 18 million year-on-year.
Outlook and guidance
2025 guidance confirmed: Adjusted EBITDA expected at EUR 540–600 million, investments at EUR 190–240 million, and net debt at EUR 1,850–1,950 million.
Wind EBITDA in Italy expected to be stable, with higher GRIN incentive and volumes offset by lower hedged prices.
Wind EBITDA abroad expected to rise due to new capacity in the US, UK, and France; solar EBITDA abroad expected to decrease slightly due to lower irradiation and prices in Spain.
2026 hedging volume at 75%, targeting 80-85% by year-end, with no material change in hedging prices versus 2025.
What factors drove 9M 2025 net profit decline?
Describe 2025 capital allocation strategy shift.
Quantify PPA contribution to revenue stability.
How will hybrid storage model generate revenue?
How to bridge US acquisition bid-ask gap?
What drives lower wind turbine CapEx/MW?
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Frequently asked questions
ERG S.p.A. operates in the renewable energy sector, focusing on the generation of electricity from wind, solar, and hydro sources. The company develops, owns, and manages power plants in Italy and across Europe. Its activities support the transition to sustainable energy. The company is headquartered in Genoa, Italy, and its shares are listed on the BIT.
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