ERG (ERG) investor relations material

Executive summary

• Adjusted EBITDA for H1 2026 rose 9% year-over-year to EUR 295 million, driven by new capacity and higher wind speeds in Italy, UK, and France.

• Adjusted net profit for H1 2026 was EUR 95 million, up from EUR 83 million in H1 2025, supported by higher EBITDA and partially offset by higher depreciation and financial charges.

• Installed renewable capacity reached 3,985 MW after UK acquisitions and Swedish asset disposal.

• Strategic UK acquisitions and a seven-year PPA with Statkraft for 800 GWh in Italy supported growth.

• Maintained high ESG standards, earning top sustainability ratings and certifications.

Financial highlights

• H1 2026 adjusted revenue was EUR 409 million, up from EUR 378 million in H1 2025.

• H1 2026 adjusted EBIT was EUR 154 million, up from EUR 134 million in H1 2025.

• H1 2026 capital expenditure totaled EUR 203 million, mainly for UK acquisitions and repowering projects.

• Net financial indebtedness before IFRS 16 at 30 June 2026 was EUR 1,939 million, up from EUR 1,882 million at end-2025, reflecting investments and dividend payments.

• H1 2026 EBITDA margin was 72%.

Outlook and guidance

• 2026 EBITDA guidance confirmed at EUR 520–590 million, with increased optimism for the upper range.

• Expected 2026 investments between EUR 330–380 million, focused on new wind and storage projects.

• Year-end net financial position expected at EUR 1,950–2,050 million, including CapEx and dividend.

• Wind and solar gross operating profit in Italy expected to remain in line with 2025, with international profits to increase due to new capacity and better resources.

• El Niño conditions expected to support stronger wind generation in H2 2026.