ERG (ERG) Investor presentation summary

Company evolution and strategic positioning

• Transitioned from oil refining to a pure renewable energy player, with significant exits from oil and hydro sectors and expansion into wind, solar, and storage across Europe and the US.

• Installed capacity is approximately 4 GW, with a diversified portfolio in wind, solar, and storage, and a robust European pipeline of 5 GW.

• Recent asset rotation includes exiting Sweden and consolidating the UK market, enhancing EBITDA and net income with limited impact on net debt.

• Corporate governance features a diversified shareholder base and a comprehensive committee structure supporting ESG and strategic initiatives.

Financial performance and guidance

• 1H 2026 EBITDA reached €295mn, with a margin of 72%, and CAPEX at €203mn; net profit for 1H 2026 was €83mn.

• 2026 guidance confirmed: adjusted EBITDA €520–590mn, CAPEX €330–380mn, and net financial position €1,950–2,050mn.

• Financial structure optimized with €500mn in new loans, extended maturities, and improved pricing; cost of gross debt at 1.8%.

• Fitch affirmed BBB- rating with a stable outlook, citing strong cash flow and diversified presence.

Growth strategy and project pipeline

• Four strategic levers: core business enhancement, business model adaptation, asset rotation, and performance excellence.

• Focus on wind repowering and BESS (battery energy storage systems) as key growth drivers, with 1.5 GW BESS pipeline and 700 MW wind repowering pipeline.

• ~270MW under construction, all with long-term contracts; pipeline includes 570MW fully authorized and 370MW nearing approval.

• Asset rotation and geographical refocus to prioritize core markets and optimize capital allocation.