ERG (ERG) Q2 2025 earnings summary

Executive summary

• Q2 2025 adjusted EBITDA rose 11% year-over-year to €128M, driven by new and repowered assets in Europe and the US, despite historically low wind speeds across Europe impacting production volumes and revenue.

• H1 2025 adjusted EBITDA was €274M, down 3% year-over-year, with adjusted net profit at €83M, a 22% decline due to lower wind output, higher depreciation, and increased financial charges.

• New capacity from repowering projects, U.S. asset consolidation, and acquisitions in France, US, and Scotland partially offset weak wind conditions.

• Strategic progress included commissioning of the first battery storage plant in Italy, solar revamping, and new wind/solar capacity in multiple countries.

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

Financial highlights

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

• Q2 2025 adjusted net profit: €28M; H1 2025 adjusted net profit: €83M (−22% YoY).

• H1 2025 investments: €143M, focused on acquisitions and new wind/solar/storage projects in the UK, Germany, France, and Italy.

• Net financial position at June 30, 2025: €1.95B, up from €1.79B at end-2024, reflecting investments and dividend payments.

• EBITDA margin for H1 2025 was 71%, in line with H1 2024.

Outlook and guidance

• Full-year 2025 EBITDA guidance confirmed at €540–600M, assuming wind conditions normalize in H2.

• Investments for 2025 expected between €190–240M; year-end net financial position: €1.85–1.95B.

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