ERG tops Italy's FTSE MIB after strong results, raised guidance

Erg SA

15/03/2023 08:53

** ERG  ERG.MI  tops the Italian blue chip index  .FTMIB 
and rises as much as 2.9% after the energy group increased its 
guidance for 2026 in a new business plan and also following a
rise in core profits in 2022
    ** Italy's biggest wind power operator said on Wednesday it
was expecting earnings before interest, taxes, depreciation and
amortisation (EBITDA) to rise above 650 million euros ($698
million) by 2026, after a reported 35% rise to 537 million euros
last year
    ** Its short-term targets for 2023 imply further growth in
EBITDA and a decrease in net debt, Banca Akros says
    ** The 2026 guidance, which makes provision for lower debt
and a higher dividend throughout the plan, is definitely a good
indication considering the group's traditional conservative
approach to defining its targets, and considering that the
figure includes potential clawbacks during the period, Equita
says
    ** The stock is up 1.7% at 0851 GMT, outperforming the FTSE
MIB index  .FTMIB  which is down 1.0%
($1 = 0.9318 euros)

 (Reporting by Alessandro Parodi
Editing by Keith Weir)
 ((alessandro.parodi@thomsonreuters.com))