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We are the foremost company in Italy for the importance of sustainability policies, fully and consciously incorporated within business strategies. This is demonstrated, for the second consecutive year, by the Integrated Governance Index, the main quantitative index to measure the integration of ESG factors in corporate governance, managed by ETicaNews and presented in Milan at the ESG Business Conference. Sustainability at the heart of our strategies Ever since our foundation, sustainability has been at the core of our strategy. This award is therefore fully in line with the cultural transformation that began 20 years ago and has concerned all aspects of the Group. ESG factors are indeed fully integrated within our activities and represent a strategic asset in all respects. Our attention to sustainability is also proven by the recent transformation of subsidiary Hera Luce into a Benefit Corporation. This decision represents a further step towards sustainable development, following last year’s introduction of the concept of corporate purpose into our Articles of Association. For further information Press release Sustainability Report 2021 Our Green Bonds Logo IGI 2022_870.jpg The index measures the degree to which ESG factors are integrated within corporate governance. Logo IGI 2022_110.jpg

After being the first company in Italy to issue a "green" debt instrument, in 2014, we have successfully launched, in the context of Euro Medium Term Note Programme (EMTN), our third “green bond” reconfirming itself as a reference player for sustainable finance, also at an international level. After the publication yesterday of our new Green Financing Framework (GFF), certified by an independent advisor and already in line with the EU Taxonomy, with this issue we gave to the market the chance to invest in the activities of the Group, in line with the EU Taxonomy. The characteristics of the new green bond and the projects financed Our third green bond (Moody’s rating Baa2 with stable Outlook and Standard & Poor’s rating BBB+ with stable Outlook), amounts to 500 million euro overall, repayable in 7 years with a 2.5% coupon and a 2.639% return. The issue date for the new green bond is expected to be May 25. The new green bond is represented by senior, non-convertible and unsecured/not guaranteed notes, reserved to qualified investors. The funds will be used to finance or refinance numerous projects, already implemented or included in the Business plan to 2025, selected on the basis of the provisions of the Green Financing Framework (GFF), that pursue one or more of the goals in the UN's 2030 Agenda or Sustainable Development Goals (SDGs). These projects have been subdivided into 3 areas: integrated water cycle (aligned with SDGs No. 6, 13 and 14): waste water management projects, sewerage and water infrastructures furthering resilience and adaptation to climate change; circular economy and pollution prevention and control (meeting SDGs No. 11, 12 and 13): innovative projects in plastics manufacturing, biogas and biofuel production for the use in transportation, the waste collection systems, anaerobic digestion and the compost of organic waste, and vehicle fleets for environmental services; energy efficiency and infrastructures (consistently with SDGs No. 7, 11 and 13): from energy production through photovoltaic systems and geothermic, to district heating networks, from installing devices and equipments for energy performance regulation and control, to renewable energy technologies, from hydrogen introduction networks to power transmission and distribution networks. For further information Press release Sustainability web area Investors web area sede-hera-notturna_870.jpg Strong interest shown by international investors for the third “green bond” which will finance the sustainability our projects in the areas of integrated water cycle, circular economy and pollution prevention and control, and energy efficiency and energy infrastructure sede-hera_110 (1).jpg

As pioneers in sustainable finance since 2014, when it issued the first green bond in Italy, we have published our new Green Financing Framework (GFF) that consolidates the transparency policy we pursue towards the investors. Sustainability and ecological transition at the core of the new GFF The new GFF is a landmark for issuance of green bonds and for new green facility agreements related to the following areas: “Sustainable Water and Wastewater Management”, “Circular Economy and Pollution Prevention and Control” and “Energy Efficiency and Energy Infrastructure”, selected in compliance with the Green Bond Principles 2021 (GBP) published by the International Capital Market Association (ICMA) and the Green Loan Principles 2021 (GLP) published by the Loan Market Association (LMA). Furthermore, the GFF sets out our commitment in the direction of the EU Taxonomy and of the Climate Transition Finance Handbook. Consistently with our positioning characteristic since our establishment and with the strategies outlined in the 2025 Business Plan, the new GFF intends to promote, also through the sustainable finance leverage, the achievement of the goals related to the ecological transition, to which we direct the development of our businesses. For further information Press release Green Financing framework and opinion sede_hera_870.png It sets out the guidelines for issuance of green bonds and for new green facility agreements. We are the first multiutility in Europe to publish a framework certified as being in line with the EU Taxonomy sede_hera_110-2.jpg

Financial highlights Revenues at 5,312 million euro (+133.8%) Ebitda at 374.0 million euro (+3.3%) Net profits at 137.8 million euro (-1.8%) Net debt at 3,455.2 million euro, with net debt/Ebitda ratio at 2.8x Operating highlights Good contribution to growth comes from the main businesses, in particular the energy sectors and the waste management area Further development of initiatives for the ecological transition and the circular economy, thanks to state-of-the-art plants and increasingly green services Solid energy customer base, with approximately 3.5 million customers The Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated results for the first quarter of 2022. Despite the fact that the results for the first quarter of 2022 were achieved against the backdrop of an extraordinarily difficult international scenario, marked by energy market volatility and geopolitical conflicts, Hera’s management policies – based on its solid and resilient business model – proved to be effective and enabled it to show further growth in results. Following up on the indications contained in the Business Plan to 2025, the Group thus continues to create value for stakeholders while ensuring, at the same time, quality and continuity in services. As regards regulated services, in November 2021 Atersir definitively awarded the Hera Group the tender for the concession of the integrated water service for 24 municipalities in the province of Rimini, including the capital, with a contract worth approximately 1.7 billion euro. The Hera Group, which was also the outgoing manager, will therefore be responsible for this service from 2022 to 2039. A few weeks later, lastly, Atersir definitively awarded the Hera Group, for a period of time covering 15 years, the tenders for the municipal waste collection services in the Modena and Bologna areas, with a total scope of 1.5 million inhabitants and a value coming to over 2.5 billion. Revenues at roughly 5.3 billion euro (+133.8%) In the first quarter of 2022, revenues amounted to 5,312.0 million euro, up sharply from 2,271.8 million euro seen in the same period one year earlier. The energy sectors in particular contributed to this result, showing significant growth due to increased trading and the rise in commodity prices, as well as higher volumes of gas sold as a result of new lots won in tenders and lower winter temperatures. In addition, growth in energy services was related to energy efficiency in residential buildings (insulation bonus and 110% tax super-bonus) and increased activities for value-added services for customers. Revenues from the waste management sector were also up, mainly due to energy production, higher prices in the recovery market and new acquisitions in the industrial market. Lastly, revenues from network services increased, both regulated and for third parties, as did revenues from the public lighting service. Ebitda rises to 374.0 million euro (+3.3%) Ebitda went from 362.0 million euro in the first three months of 2021 to 374.0 million euro at 31 March 2022, up 12.0 million euro (+3.3%). The main contributions to this result came from the energy area, up by a total of 6.1 million euro, and the waste management area, up 8.1 million euro, offsetting the slight drop in the other services area. In particular, the activities managed concerning the ecological transition and circular economy were decisive, including energy efficiency services developed for condominiums, a reinforcement of value-added services in the energy sector (from “green” supply, to sales and installation of LED devices, smart boilers and thermostats, and energy diagnostics) and the regeneration of resources, through Group subsidiary Aliplast. Operating result and pre-tax profit down slightly Operating results amounted to 220.1 million euro at 31 March 2022, down 1.3% from the 223.1 million euro seen in the first quarter of 2021, mainly due to higher amortisation and depreciation due to changes in the scope of consolidation and higher provisions for bad debts mainly attributable to both last resort and traditional markets as well as the graduated protection service. Financial operations at 31 March 2022 were mainly unchanged, at 29.5 million, compared to 28.8 million euro seen in the first quarter of 2021. This change was caused by lower income from late payment indemnities, partially offset by lower financial charges on long-term debt resulting from debt optimisations. Pre-tax profit amounted to 190.6 million euro, slightly down from 194.3 million euro at 31 March 2021 (-1.9%). Net profit at 137.8 million euro Thanks to a tax rate coming to 27.7%, quite similar to the 27.8% rate of the previous year, net profit stood at 137.8 million euro, as against 140.3 million euro in the first quarter of 2021. Profit pertaining to the Group’s shareholders amounted to 126.5 million euro, down from 132.2 million euro at 31 March 2021, due to an increase in the portion attributable to minority shareholders. Strong growth in operating investments and Group solidity reinforced The Group’s operating investments, including capital grants, amounted to 129.2 million euro, up 11.1% compared to the previous year, and mainly involved work on plants, networks and infrastructures. In addition, regulatory upgrading was carried out, mainly in the gas distribution sector with a large-scale meter replacement, and in the purification and sewerage sector. Net financial debt went from 3,261.3 million euro at 31 December 2021 to 3,455.2 million euro at 31 March 2022, mainly due to a change in net working capital, which increased as a result of the energy scenario and the impact of interventions on “rising bills” also in terms of payment by instalments. The net debt/Ebitda ratio remained substantially stable, at 2.8x, confirming the company’s financial solidity. Profit & Loss (mln €) 31/03/2022 Inc.% 31/03/2021 Inc.% Ch. Ch.% Sales 5,312.0 2,271.8 +3,040.2 +133.8% Other operating revenues 100.7 1.9% 100.7 4.4% +0.0 +0.0% Raw material (4,307.8) (81.1%) (1,209.7) (53.2%) +3,098.1 +256.1% Services costs (573.3) (10.8%) (646.9) (28.5%) (73.6) (11.4%) Other operating expenses (17.2) (0.3%) (17.1) (0.8%) +0.1 +0.6% Personnel costs (154.5) (2.9%) (150.1) (6.6%) +4.4 +2.9% Capitalisations 14.1 0.3% 13.3 0.6% +0.8 +6.0% Ebitda 374.0 7.0% 362.0 15.9% +12.0 +3.3% Depreciation and provisions (153.9) (2.9%) (138.9) (6.1%) +15.0 +10.8% Ebit 220.1 4.1% 223.1 9.8% (3.0) (1.3%) Financial inc./(exp.) (29.5) (0.6%) (28.8) (1.3%) +0.7 +2.4% Pre tax profit 190.6 3.6% 194.3 8.6% (3.7) (1.9%) Taxes (52.8) (1.0%) (54.0) (2.4%) (1.2) (2.2%) Net profit 137.8 2.6% 140.3 6.2% (2.5) (1.8%) Attributable to: Shareholders of the Parent Company 126.5 2.4% 132.2 5.8% (5.7) (4.3%) Minority shareholders 11.3 0.2% 8.1 0.4% +3.2 +39.3% Balance Sheet (mln €) 31/03/2022 Inc.% 31/12/2021 Inc.% Ch. Ch.% Net fixed assets 7,294.8 103.4% 7,308.0 109.4% (13.2) (0.2%) Working capital 398.9 5.6% 3.5 0.1% +395.4 +11,297.1% (Provisions) (637.2) (9.0%) (633.4) (9.5%) (3.8) +0.6% Net invested capital 7,056.5 100.0% 6,678.1 100.0% +378.4 +5.7% Net equity 3,601.3 51.0% 3,416.8 51.2% +184.5 +5.4% Long term net financial debt 3,644.6 51.7% 3,633.1 54.4% +11.5 +0.3% Short term net financial debt (189.4) (2.7%) (371.8) (5.6%) +182.4 (49.1%) Net financial debts 3,455.2 49.0% 3,261.3 48.8% +193.9 +5.9% Net invested capital 7,056.5 100.0% 6,678.1 100.0% +378.4 +5.7% For further information Press release Visit Investor web area img_interna_be_eng_stondata.png The consolidated quarterly report at 31 March shows growth in revenues and Ebitda, proving the solidity and resilience of the Hera Group’s business model even in this difficult economic context img_110x150.jpg