EU UTILITIES: ERG: 3Q25 Results      

Nov-14 14:37

(ERGIM; NR/NR/BBB-)  

Credit neutral.

  • Adj. EBITDA increased 9% YoY.  YTD is +1%. Wind conditions improved in 3Q following weakness in 1H. New capacity has offset that.
  • FCF at €210m YTD, up from €140m on lower capex.
  • FY25 guidance confirmed, implying ~3.3x leverage, unchanged YoY.

Historical bullets

OPTIONS: Expiries for Oct16 NY cut 1000ET (Source DTCC)

Oct-15 14:35
  • EUR/USD: $1.1500-20(E1.5bln), $1.1580-00(E4.0bln), $1.1650-55(E783mln), $1.1700-05(E1.2bln), $1.1735-40(E837mln)
  • USD/JPY: Y150.50($729mln), Y151.00($511mln), Y152.00($728mln)
  • AUD/USD: $0.6500-20(A$598mln)
  • USD/CAD: C$1.3975($946mln)

CRYPTO: Bitcoin Upside Call Spread

Oct-15 14:28
  • BTC (26th Dec) 135k/150k Call Spread, bought for 1575 in 300.

Note that the reports on Bitcoin Option have been downside protection of late.

SCHATZ: Large Block Trade

Oct-15 14:21

Block trade in Schatz, suggest Buyer:

  • DUZ5 10.8k at 107.19.