ERG releases transcript of 2Q 2026 results call

Reuters2026/08/06 08:54

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ERG discussed 2Q 2026 results on a call attended by CEO Paolo Merli and CFO Michele Pedemonte.
Guidance reiterated: EBITDA EUR 520-590 million; capex EUR 330-380 million; year-end NFP EUR 1.95-2.05 billion.
1H EBITDA EUR 295 million (+9% YoY); 2Q EBITDA EUR 129 million (+2% YoY); 2Q output 1.6 TWh (-3% YoY) on low wind.
About 300 MW under construction; about 20-23 MW due online by end-2026, about 250 MW in 2027, about 25 MW starting 2028.
El Niño advisory seen persisting into early spring 2027; internal analysis suggests production historically exceeded budget during El Niño periods.
Merchant exposure cited at about 0.7 TWh for the rest of 2026; about 2.2 TWh for 2027, with an 80% hedge target.
Italy 2027 merchant exposure put at 0.7 TWh; management expects 2027 hedging prices broadly in line with 2026, possibly higher.
Curtailments hit 1H results by about EUR 8 million; management expects a lower impact in 2H as grid works ease.
UK performance boosted by acquired 73 MW portfolio benefiting from Renewables Obligation Certificates; Northern Ireland PPA repriced higher.
Italy auctions: management expects FERX clearing closer to the EUR 85/MWh target; up to about 350 MW could bid; MACSE returns seen low.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. ERG S.p.A. published the original content used to generate this news brief on August 06, 2026, and is solely responsible for the information contained therein.

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