ERG S.p.A. (ERG) Earnings Call Transcripts

ERG S.p.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, ERG S.p.A. reported an EBITDA of EUR 167 million, reflecting a 16% year-over-year increase, primarily driven by improved wind conditions and new capacity contributions. However, the company faced challenges with lower clearing prices, particularly in the U.S., which negatively impacted performance. Management maintained its full-year EBITDA guidance of EUR 520 million to EUR 590 million, indicating cautious optimism amid fluctuating market conditions.

Reported metrics

Guidance from management

Management maintained its 2026 EBITDA guidance of EUR 520 million to EUR 590 million, with expected CapEx between EUR 330 million and EUR 380 million. They noted potential upside from energy prices but emphasized limited exposure to merchant power due to existing hedges.

What management said

If I may add, we are very satisfied about the confirmation of rating by Fitch in a time where there is more pressure on renewable players because the increasing interest rates, inflation expectations, et cetera. Some companies, I can mention them. But in order to maintain the target rating being forced to suspend the dividends or to transform it to a scrip dividend. It's not our case. Next week, we are going to pay E...

What analysts pressed on

Analysts expressed concerns about the U.S. performance and its impact on overall guidance, questioning the sustainability of U.K. results and the implications of regulatory changes in Italy. There were also inquiries about the potential for M&A activity and asset rotation strategies moving forward.

Main topics on the call

• Revenue Growth Acceleration — ERG's EBITDA increased to EUR 167 million, up 16% YoY, benefiting from improved wind conditions and new capacity. CEO Paolo Merli noted, "The main driver was the windness coupled with the perimeter effect from new capaci...
• U.K. Performance — The U.K. segment contributed EUR 25 million to EBITDA, three times higher than the previous year, attributed to new acquisitions and improved wind conditions. Merli stated, "U.K. number doesn't include any special item. ...
• U.S. Challenges — The U.S. operations faced significant headwinds from weather-related disruptions, resulting in an estimated EUR 6 million negative impact on EBITDA. Merli described these events as "one-off," but acknowledged their subst...
• CapEx Investments — ERG invested EUR 148 million in Q1, primarily for the acquisition of the U.K. portfolio and ongoing projects in Italy, France, and Germany. CFO Michele Pedemonte emphasized that these investments align with their growth ...

Read the full ERG S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 25 ERG S.p.A. earnings call transcripts on record, spanning March 11, 2020 to May 15, 2026. Based on this history, ERG S.p.A. reports quarterly. The most recent call on file is dated May 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ERG

Exchange

BIT

Country

IT

Sector

Utilities

Industry

Independent Power and Renewable Electricity Producers

Calls on record

25

First call

March 11, 2020

Most recent

May 15, 2026

Reporting cadence

quarterly