Q4 2023 ERG SpA Earnings Call Transcript

Mar 13, 2024 / 09:30AM GMT
Operator

Good morning. This is the conference call operator. Welcome and thank you for joining the ERG fourth quarter 2023 results conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Paolo Merli, CEO.

Paolo Merli – ERG S.p.A – CEO

Good morning, everyone, and welcome to our webcast. Here with me, as usual is our CFO, Michele Pedemonte who will later run through our business performance over the period in more detail so let’s get started with the overview of results in 2023. I’m on page number five. Full year EBITDA closed at EUR520 million at the very top end of the latest guidance range EUR490 million, EUR520 million and basically in line with our original guidance.

The sharp decline in the electricity prices coupled with the zeroing of incentive value in Italy, resulted in a negative price effect year on year of about EUR90 million, which was more than offset by the contribution of new store capacity, roughly EUR70 million and the better performance on the existing assets for about EUR50 million, in particular