Overall for the 2024 financial year ERG confirmed the guidance with a gross operating margin estimated in the range between 520 and 580 million
ERG has communicated the economic and financial results for the 1st quarter of 2024.
The FTSEMib-listed energy company ended the reporting period with adjusted revenues for 218 million euros, a slight increase compared to the 213 million obtained in the first three months of last year mainly following the contribution deriving from the greater capacity in operation in a context of higher wind speed experienced in the period. The higher production volumes were almost entirely offset by lower market prices, significantly lower than in the first quarter of 2023.
Also slightly increasing adjusted gross operating margin, which went from 164 million to 165 million euros; consequently, the marginality it dropped to 76%.
ERG closed the 1st quarter of 2024 with a adjusted net profit of 78 million euros, the same value recorded in the first three months of the previous year.
At the end of March 2024 theadjusted net debt had risen to 1.5 billion euros, compared to 1.45 billion at the beginning of the year, mainly following the recent acquisition of a wind and solar portfolio in France (84 million), the completion of the treasury share purchase program (buy -back) for 37 million, to investments in the quarter (69 million) linked to the development of repowering projects in Italy and the development of wind farms in France and the UK, partly offset by the positive cash flow of the quarter.
In the entire quarter the investments they amounted to 154 million (66 million in the 1st quarter of 2023) and mainly refer to investments in tangible and intangible assets related to the acquisition of wind and photovoltaic parks in France (73 MW), to the repowering of Italian parks for approximately 177 MW of new wind capacity, the construction of Greenfield parks in Italy (47 MW), France (59 MW) and the UK (47 MW) and the start of activities of the first Recharge project (13 MW).
Overall for the exercise 2024 ERG confirmed the guidance with a gross operating margin estimated in the range between 520 and 580 million, while investments are expected in the range between 550 and 600 million. Net financial debt is expected between 1.75 and 1.85 billion euros, including the distribution of the ordinary dividend of one euro per share.
