ERG (ERG) Q3 2025 earnings summary

Executive summary

• Adjusted EBITDA for the first nine months of 2025 was EUR 393 million, slightly up from EUR 390 million in 2024; Q3 EBITDA was EUR 119 million, up 9% year-on-year, driven by new capacity and improved wind conditions.

• Adjusted net profit for the first 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.

• Strategic progress included commissioning the 47 MW Corlacky wind farm in Northern Ireland and the first 12.5 MW BESS plant in Sicily.

• Three long-term PPAs totaling 1.2 TWh/year were signed, and three projects entered the 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.

• Adjusted EBITDA for 9M 2025 was EUR 393 million, up from EUR 390 million in 2024; Q3 EBITDA was EUR 119 million, up from EUR 109 million.

• Adjusted net profit for 9M 2025 was EUR 110 million, down from EUR 130 million; Q3 net profit was EUR 27 million, up from EUR 25 million.

• EBITDA margin for 9M 2025 was 70% (72% in 2024); Q3 margin was 68% (70% in Q3 2024).

• Net financial indebtedness before IFRS 16 at 30 September 2025 was EUR 1,882 million, up from EUR 1,793 million at year-end 2024.

Outlook and guidance

• 2025 EBITDA guidance confirmed at EUR 540–600 million, with investments of EUR 190–240 million and net debt of 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.

• Abroad, wind EBITDA 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.