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Italian renewable-energy producer operating wind, solar and hydroelectric power plants, having exited the oil refining business.
Italian renewable-energy producer operating wind, solar and hydroelectric power plants, having exited the oil refining business.
Sells the electricity from its wind farms, solar plants and hydroelectric stations, partly under fixed-price contracts or government incentive schemes and partly at market prices, so wind and sun volumes and power prices set revenue. The Garrone and Mondini families control it through a holding company.
In one line: An Italian NextEra Energy for renewables, but smaller.
Moat: narrow (installed base, scale, regulatory licence). Large operating renewable fleet and long-term power-purchase agreements, but a price-taker business subject to power-price cycles.
Headquarters: Genoa, Italy · Founded: 1938 · Employees: 672
Size ERG (ERG.MI) is an Italy Utilities company (Alternative Power Generation) with a market value of $3.77B, the 49th largest of 123 Italy companies the cockpit tracks. Shares closed at €22.46 on 6 Nov 2026.
Performance Over six months the shares fell 2.6%, against -16.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 19 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +2.4%); the operating margin is 28.0% (peer median 27.2%).
Valuation It trades at 19.4× forward earnings against a peer median of 17.6× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.2 points below its cost of capital (5.9% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €770M | €744M | €733M | €741M | €714M |
| Revenue growth | — | +2% | -1% | +4% | — |
| Gross profit | €419M | €396M | €395M | €449M | €408M |
| EBITDA | €492M | €475M | €473M | €500M | €487M |
| Net income | €51.3M | €65.0M | €187M | €179M | €379M |
| Free cash flow | €312M | €209M | €240M | €573M | €123M |
| Capital expenditure | €189M | €172M | €245M | €306M | €347M |
| Total debt | n/a | €2.63B | €3.09B | €2.34B | €2.28B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ERG ERG.MI | $3.77B | -3% | +5% | 28% | 19.4× | 10.0% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Corporacion Acciona Energias Renovables ANE.MC | $8.06B | -7% | -14% | 18% | 21.1× | n/a |
| Voltalia VLTSA.PA | $602M | -42% | +19% | 12% | n/a | n/a |
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | n/a |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ERG.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | -3.6% | 8th highest of 21 |
| 6-month return | -2.6% | -16.7% | 5th highest of 19 |
| Distance from 52-week high | -14.2% | -32.2% | 6th highest of 21 |
| Revenue growth (TTM) | +4.9% | +2.4% | 11th highest of 21 |
| Operating margin | 28.0% | 27.2% | 11th highest of 21 |
| Forward P/E | 19.4× | 17.6× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 10.0% | -0.4% | 2nd most demanding of 10 |
| Growth delivered (Del g) | -2.8% | +7.5% | lowest of 10 |
| Hurdle (Req g minus delivered) | +12.7 pp | -12.5 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -2.2 pp | -1.5 pp | 10th lowest of 21 |
| EV / EBITDA | 11.4× | 17.2× | 5th cheapest of 13 |
| Net debt / EBITDA | 4.5× | 8.0× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ERG ERG.MI | Italy | $3.77B | -3% | +5% | 28% | 19.4× | 10.0% | -2.8% |
| Fujian Funeng 600483.SS | China | $4.53B | +9% | -1% | 22% | 10.7× | -4.9% | +7.5% |
| Hubei Energy 000883.SZ | China | $4.58B | -11% | -5% | 15% | 17.6× | -0.4% | +0.6% |
| Fervo Energy FRVO | United States | $2.66B | n/a | -31% | -35,367% | n/a | n/a | n/a |
| CECEP Solar Energy 000591.SZ | China | $2.65B | -9% | -13% | 28% | 17.4× | 0.4% | -1.5% |
| ReNew Energy Global RNW | United States | $2.53B | +23% | +11% | 42% | 26.4× | n/a | n/a |
| Solaria Energia y Medio Ambiente SLR.MC | Spain | $2.40B | -33% | +26% | 92% | 11.2× | n/a | n/a |
| Clearway Energy CWEN | United States | $7.00B | -11% | +8% | 13% | 56.4× | 33.1% | +2.4% |
| NTPC Green Energy NTPCGREEN.NS | India | $7.37B | -24% | +49% | 50% | 59.8× | n/a | n/a |
| Aker Solutions AKSO.OL | Norway | $1.89B | -17% | -9% | 5% | 5.8× | -14.7% | +16.9% |
| Grandtop Yongxing 601033.SS | China | $1.83B | -2% | +6% | 26% | 14.0× | -5.1% | +18.4% |
| Luenmei Quantum 600167.SS | China | $1.76B | -21% | -11% | 15% | 19.4× | -8.9% | -2.1% |
| Corporacion Acciona Energias Renovables ANE.MC | Spain | $8.06B | -7% | -14% | 18% | 21.1× | n/a | n/a |
| Jiaze Renewables 601619.SS | China | $1.65B | -34% | -5% | 43% | 15.0× | 0.2% | +19.7% |
| Nyocor 600821.SS | China | $1.63B | -29% | -12% | 12% | 40.5× | 6.8% | +20.6% |
| Clean Max Enviro Energy Solutions CLEANMAX.NS | India | $1.57B | +8% | +28% | 44% | 107.0× | n/a | n/a |
| Juniper Green Energy JNPR.NS | India | $1.54B | n/a | +1,313% | 52% | 100.5× | n/a | n/a |
| Scatec SCATC.OL | Norway | $1.50B | -16% | +16% | 29% | n/a | n/a | n/a |
| Enlight Renewable Energy ENLT | United States | $9.57B | -25% | +29% | 51% | n/a | n/a | n/a |
| XPLR Infrastructure, LP XIFR | United States | $1.38B | -38% | -1% | 3% | 3.0× | n/a | n/a |
| Alerion Clean Power ARN.MI | Italy | $1.11B | -35% | +13% | 51% | 16.4× | n/a | n/a |