Earnings call transcript: ERG lifts 2026 outlook after steady Q3 2026 results
ERG, the Italian renewable power producer, reported steady Q3 2026 results and raised its full-year EBITDA outlook. Despite weaker wind conditions in Southern Europe, the company's EBITDA held steady at EUR 117 million. The adjusted net profit increased by 7% to EUR 119 million. The company's 2026 EBITDA guidance floor was raised to EUR 535 million, while net debt guidance for the end of 2026 was lowered to EUR 1.9 billion to EUR 2.0 billion.
ERG attributes its strong performance to geographic diversification, with the U.K. assets contributing to a nearly tripling of EBITDA year over year. The company's financial health remains robust, with a strong current ratio of 2.97 and a gross profit margin of 41%. ERG's CEO, Paolo Merli, praised geographic diversification for helping offset the wind drought in Italy and France.
However, the company faces risks such as weak wind conditions, curtailments, and regulatory pressure in Italy.
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