ERG (ERG) investor relations material

Executive summary

• Adjusted EBITDA for H1 2026 rose 9% year-over-year to EUR 295 million, driven by new capacity and higher wind speeds in Italy, UK, and France, despite weak wind conditions in Q2.

• Net profit attributable to owners was EUR 95 million (adjusted), up from EUR 83 million in H1 2025, with reported net profit impacted by a EUR 25 million solar asset impairment.

• Strategic focus included acquiring 73 MW of UK wind assets, divesting 62 MW in Sweden, and expanding operational capacity to 3,985 MW.

• Construction began on approximately 300 MW of new renewable projects, with 570 MW fully authorized and a further 240 MW of BESS authorized.

• A seven-year PPA was signed with Statkraft for 800 GWh of renewable energy from Italian wind farms.

Financial highlights

• H1 2026 adjusted revenue was EUR 409 million, up from EUR 378 million in H1 2025.

• Adjusted EBIT for H1 2026 was EUR 154 million, up from EUR 134 million in H1 2025.

• Net financial indebtedness before IFRS 16 at 30 June 2026 was EUR 1,939 million, up from EUR 1,882 million at end-2025, reflecting investments and dividend payments.

• H1 2026 capital expenditure totaled EUR 203 million, mainly for UK acquisitions and repowering projects.

• Dividend of EUR 1 per share distributed in April 2026.

Outlook and guidance

• 2026 EBITDA guidance confirmed at EUR 520–590 million, with increased optimism for the upper end.

• Expected 2026 investments between EUR 330–380 million, focused on new wind and storage projects.

• Net financial indebtedness expected between EUR 1,950–2,050 million by year-end 2026.

• Wind and solar gross operating profit in Italy expected to remain in line with 2025, with international profits to increase due to new capacity and better resources.

• El Niño conditions expected to support stronger wind generation in H2 2026.