Upcoming Dividend • May 11
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.4%). New Risk • Mar 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (158% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Declared Dividend • Mar 22
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (81% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 4.2% to bring the payout ratio under control. EPS is expected to grow by 29% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 19
ERG S.p.A. announces Annual dividend, payable on May 20, 2026 ERG S.p.A. announced Annual dividend of EUR 1.0000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Mar 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 69% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Dividend is not well covered by earnings (94% payout ratio). Large one-off items impacting financial results. Announcement • Mar 16
ERG S.p.A., Annual General Meeting, Apr 22, 2026 ERG S.p.A., Annual General Meeting, Apr 22, 2026, at 10:30 W. Europe Standard Time. Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: €802.0m (up 8.7% from FY 2024). Net income: €155.0m (down 17% from FY 2024). Profit margin: 19% (down from 25% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 06
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €22.48. The fair value is estimated to be €18.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.19. Revenue: €181.0m (up 16% from 3Q 2024). Net income: €27.0m (up 8.0% from 3Q 2024). Profit margin: 15% (down from 16% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2025 earnings released: EPS: €0.20 (vs €0.34 in 2Q 2024) Second quarter 2025 results: EPS: €0.20 (down from €0.34 in 2Q 2024). Revenue: €181.3m (up 7.8% from 2Q 2024). Net income: €28.6m (down 43% from 2Q 2024). Profit margin: 16% (down from 30% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (19% net profit margin). Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.34. Revenue: €210.0m (down 3.7% from 1Q 2024). Net income: €49.0m (down 37% from 1Q 2024). Profit margin: 23% (down from 36% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Upcoming Dividend • May 12
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.8%). New Risk • Mar 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 16
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: €789.0m (up 6.5% from FY 2023). Net income: €175.0m (down 18% from FY 2023). Profit margin: 22% (down from 29% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Dec 20
ERG S.p.A. to Report Fiscal Year 2024 Final Results on Apr 22, 2025 ERG S.p.A. announced that they will report fiscal year 2024 final results at 12:05 PM, Central European Standard Time on Apr 22, 2025 Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €186.7m (up 25% from 2Q 2023). Net income: €50.4m (up 64% from 2Q 2023). Profit margin: 27% (up from 21% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Renewable Energy industry in Europe. Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.53. Revenue: €225.0m (up 2.3% from 1Q 2023). Net income: €78.0m (down 7.1% from 1Q 2023). Profit margin: 35% (down from 38% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Renewable Energy industry in Europe. Upcoming Dividend • May 13
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.2%). Announcement • Apr 26
ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC. ERG S.p.A. (BIT:ERG) signed an agreement to acquire 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC for $270 million on December 21, 2023. ERG will own a 75% stake of the holding and Apex the remaining 25%. The transaction's closing is subject to, inter alia, to investment approval from certain U.S. and European authorities (including CFIUS, HSR Commission, DG-Comp) and the consent to the change of control from relevant third parties (including Tax Equity Investor and PPA counterparts). The transaction's closing is expected within the first half of 2024. Rothschild&Co served as financial advisor, White&Case as legal advisor, Ernst&Young as Accounting and Tax Advisor and Credit Agricole as Debt advisor to ERG S.p.A. Apex was advised on the transaction by J.P. Morgan Securities LLC and Santander. As of February 8, 2024, ERG SpA has secured approval from the European Commission to acquire a majority stake in a 317-MW wind and solar farm portfolio.ERG S.p.A. (BIT:ERG) completed the acquisition of 75% stake in 317 MW portfolio of wind and solar assets in Iowa and Illinois from Apex Clean Energy Holdings, LLC on April 24, 2024. Declared Dividend • Mar 17
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (116% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 29% to bring the payout ratio under control. EPS is expected to grow by 5.5% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: €767.0m (up 7.4% from FY 2022). Net income: €226.0m (up 167% from FY 2022). Profit margin: 30% (up from 12% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Renewable Energy industry in Europe. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.23. Revenue: €156.0m (down 17% from 3Q 2022). Net income: €35.0m (down 27% from 3Q 2022). Profit margin: 22% (down from 26% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Renewable Energy industry in Europe. New Risk • Jul 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 176% Cash payout ratio: 105% Minor Risks High level of debt (42% net debt to equity). Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €163.0m (up 2.3% from 2Q 2022). Net income: €36.0m (down 89% from 2Q 2022). Profit margin: 22% (down from 201% in 2Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 9.0% decline forecast for the Renewable Energy industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.56. Revenue: €226.0m (up 4.6% from 1Q 2022). Net income: €84.0m (flat on 1Q 2022). Profit margin: 37% (down from 39% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 9.0% decline forecast for the Renewable Energy industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 15
Upcoming dividend of €1.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.6%). Board Change • Apr 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman of Board of Statutory Auditors Paolo Prandi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 16
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (4.9%). In line with average of industry peers (3.1%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €1.24b (up 27% from FY 2020). Net income: €202.0m (up 87% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Over the next year, revenue is expected to shrink by 50% compared to a 2,784% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 17% share price gain to €28.08, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 82% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.24 per share. Reported Earnings • Aug 01
Second quarter 2021 earnings released: EPS €0.18 (vs €0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €248.9m (up 13% from 2Q 2020). Net income: €27.4m (up 68% from 2Q 2020). Profit margin: 11% (up from 7.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • May 17
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 04
Full year 2020 earnings released: EPS €0.72 (vs €0.21 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €977.6m (down 4.6% from FY 2019). Net income: €107.9m (up 242% from FY 2019). Profit margin: 11% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 17
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €990.9m (down 4.3% from FY 2019). Net income: €105.8m (up 235% from FY 2019). Profit margin: 11% (up from 3.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 19
New 90-day high: €25.43 The company is up 17% from its price of €21.82 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €95.37 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €23.17 The company is up 8.0% from its price of €21.47 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €95.42 per share. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue misses expectations Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 5.4%, compared to a 36% growth forecast for the Renewable Energy industry in the United Kingdom. Is New 90 Day High Low • Oct 26
New 90-day low: €20.14 The company is down 1.0% from its price of €20.32 on 28 July 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €52.79 per share. Is New 90 Day High Low • Oct 05
New 90-day high: €22.56 The company is up 9.0% from its price of €20.63 on 07 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €52.87 per share. 
