The board of directors of ERG S.p.A. has approved the publication of its financial results for the half-year ended 30 June 2025, showing adjusted EBITDA of €274 mn ($299 mn), a slight decrease of 3% compared to the same period the previous year. The second quarter shows an increase in operating revenue to €128 mn ($140 mn), up 11%, mainly driven by the contribution from repowered wind farms in Italy.
Financial results and portfolio development
The group’s adjusted net profit stands at €83 mn ($90.5 mn) for the first half, down 22% compared to 2024, while the second quarter saw this profit rise to €34 mn ($37 mn), an increase of 21%. According to the group’s management, this performance is attributed to weak wind conditions during the half-year, partially offset by the commissioning of new capacity, particularly in the wind sector.
The group’s net debt before the application of IFRS 16 accounting standard reached €1,949 mn ($2,125 mn) as of 30 June 2025, compared to €1,793 mn ($1,955 mn) at the end of 2024, while financial leverage was 48%. These financial developments reflect strategic investments made in new projects, both in Italy and abroad.
Asset deployment and commercial partnerships
ERG S.p.A. announced the commissioning of the Corlacky wind farm in Northern Ireland, with a capacity of 47.3 MW, expected to generate an estimated annual output of 176 GWh. This launch strengthens the company’s presence in the United Kingdom, now the group’s third-largest market, with a total wind portfolio of 340 MW installed.
At the same time, construction and commissioning of the group’s first Battery Energy Storage System (BESS) at Vicari in Sicily have been completed, providing 12.5 MW and 50 MWh of storage capacity. In the solar market, the Italian portfolio benefited from modernisation and repowering operations for an additional capacity of 28 MW.
New energy contracts and 2025 outlook
The group also signed a 15-year Power Purchase Agreement (PPA) with a major Italian player, covering 182 GWh/year of renewable electricity supplied from the recently repowered Salemi-Castelvetrano plant. In addition, ERG S.p.A. secured the supply of 130 GWh/year over five years and 55 GWh/year over ten years to a leading rail operator, thus monetising electricity generated by sites that have exited their incentive period.
The group’s management maintains its outlook for the 2025 financial year, with EBITDA expected between €540 mn and €600 mn ($589 mn to $654 mn), projected investments between €190 mn and €240 mn ($207 mn to $262 mn), and net debt ranging from €1,850 mn to €1,950 mn ($2,017 mn to $2,125 mn).
Recent portfolio developments, combined with the signing of long-term contracts, indicate the group’s business model is evolving towards greater revenue security from renewable energy sources.
