ERG S p A : The Board of Directors of ERG approves the consolidated results for the first quarter of 2026 (1Q 2026 Results speech transcript)

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[{"type":"text","content":"\n \n \n ERG S.p.A.\n \n \n \"1Q 2026 Results\"\n \n \n May 15, 2026\n \n \n \n MODERATORS: PAOLO MERLI - GROUP CEO MICHELE PEDEMONTE - CFO\n \n \n Operator:\n \n \n Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the ERG 1Q 2026 Results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Mr. Paolo Merli, CEO of ERG. Please go ahead, sir.\n \n \n \n Paolo Merli:\n \n \n Good afternoon, everybody and welcome to our First Quarter results webcast. Here with me, as usual, is Michele, our CFO.\n \n \n \n Let me start with our economic results, as per page no. 4.\n \n \n Ebitda in Q1 closed at €167mn (+16% year-on-year), benefiting from the contribution of new installed capacity and - let me say like this - from an easy comparison in terms of wind production, in light of the very weak conditions over 1Q 2025. So, to this extent we can talk about better wind conditions but - let me say - still below the historical average. But that trend was already captured in our FY guidance at the time of our previous webcast, in mid-March. These positives were partially offset by lower clearing prices: I mean, the higher productions following these better wind conditions were partially compensated for by lower captured prices, in particular clearing prices linked to short-term hedging transactions, as these contracts - as you know - are typically executed three years in advance of the delivery date. Therefore, in Q1 last year value of hedging still benefited from the very high prices recorded in 2022 and 2023.\n \n \n It is worth noting the strong performance in the UK: the UK contributed to the EBITDA with €25mn, basically three times more than last year. This thanks to the higher installed capacity, that was partly organic (I am referring to the 47MW greenfield wind farm we executed in Northen Ireland in the last part of last year) and partly through M&A (the 73MW wind portfolio, that was acquired at the beginning of 2026, and consolidated as of the beginning of the year). Conversely, we had a fairly weak performance in the U.S. impacted by exceptional weather events, translating into lower wind availability (and then lower production), and there w...

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