(Alliance News) - The board of directors of ERG Spa has approved the consolidated results for the first quarter, closing the period with a reported net profit of EUR77 million, in line with EUR76 million in the first quarter of 2023.

In the first quarter of 2024, adjusted revenues amounted to EUR218 million, up slightly from the first quarter of 2023 when they had registered EUR213 million, "mainly as a result of the contribution from the higher capacity in operation in a more windy environment experienced during the period," the company wrote in the released note.

Adjusted EBITDA stood at EUR165 million, in line with EUR164 million recorded in the first quarter of 2023.

NFP is negative EUR1.68 billion from EUR1.36 billion in Q1 2023.

Paolo Merli - ERG's CEO - commented, "In the first quarter of 2024, in a context of shrinking and highly volatile energy prices, ERG again showed strong resilience by posting solid results and a slight increase compared to the previous year, thanks mainly to the contribution of new installed capacity, including our first repowering projects. In April we finalized our entry into the U.S. renewables market, which will begin to make an economic contribution starting in the second quarter."

"Despite a complex pricing scenario, for 2024 we confirm guidance for an estimated EBITDA in the EUR520-580 million range and investments of EUR550 - 600 million. Net financial debt is expected between EUR1.75 billion and EUR1.85 billion, including the distribution of the ordinary dividend of EUR1.00 per share," Merli concluded.

ERG closed Wednesday's session in the green by 0.8 percent at EUR27.14 per share.

By Maurizio Carta, Alliance News reporter

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