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Business and financial highlights Revenues at 6,786.2 million euro (+18.7%) Ebitda at 721.7 million euro (-1.5%) Net profit for Shareholders at 229.3 million euro (+5%) Gross operating investments at 414.0 million euro (+20.2%) Net financial debt at 3,927.1 million euro (-0.9% compared to December 2024), with Net debt / Ebitda at 2.49x (-7.5% compared to June 2024) Return on investment improves, with ROI rising to 10.3% and ROE to 11.5% The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated results at 30 June 2025. The results for the first half of 2025 show a positive structural performance, with growth in net profit and capital expenditures compared to the same period of the previous year. The Group’s solid multi-business industrial model, balanced between regulated and free market activities, along with its efficient financial management, allow Hera to continue along its path of growth, both internally and through acquisitions, increasing the value and resilience of its assets and contributing to the sustainable development of served areas and the creation of value for all stakeholders.   Cristian Fabbri, Executive Chairman of the Hera Group: “In the first half of the year, we continued to increase our creation of value by leveraging the Group’s industrial growth and financial solidity. Cash generation allowed us to finance investments coming to over 400 million euro, up 20%, with the greatest increases going towards plant development in the waste management area and water cycle resilience. The solidity of our balanced business portfolio is reflected in the rise of Return on Equity, which stands at 11.5%. These results show that we are on track with our Business plan.”   Orazio Iacono, CEO of the Hera Group: “Good operating performance and financial optimisations supported a 5% increase in net profit attributable to shareholders, which reached 229.3 million euro. These results confirm our ability to continue our path of growth, even in a complex macroeconomic scenario, keeping our focus on resilience, sustainability and innovation. The positive cash generation contributed to a further reduction in net debt, bringing the net debt/Ebitda ratio to 2.49x, which gives us significant strength for targeting future growth opportunities.”   Revenues rise to 6.8 billion euro Revenues for the first half of the year amounted to 6,786.2 million euro, up sharply from the 5,716.5 million euro seen at 30 June 2024 (+18.7%), mainly due to higher energy commodity prices and the higher value of trading. Ebitda at 721.7 million euro The result was underpinned by a strong growth in all businesses (+7% increase), visible in a comparison on a like for like basis with first half 2024 Ebitda (733 million euro) excluding the temporary opportunities (mainly linked to last resort markets and the super ecobonus) amounting to approximately 56 million euro. First half 2025 adjusted growth is fully in line with Business plan targets. Net operating result stable and result before taxes increases Ebit for the first six months of 2025 amounted to 383.2 million euro, as against 385.1 million euro in the first half of 2024, as a result of lower provisions mainly related to last resort markets, which more than offset higher depreciation and amortisation for the substantial capital expenditures in development, especially in the regulated sectors. Net profit for Shareholders rises to 229.3 million Despite the increased tax rate, at 29% vs 28% in the first half of 2024, net profit at 30 June 2025 rose to 249.4 million euro, up (+5.1%) from 237.3 million euro in the same period of 2024. Similarly, net profit attributable to the Group’s shareholders also rose, reaching 229.3 million euro (+5%), compared to 218.4 million euro at 30 June 2024. These results once again confirm the creation of value for all stakeholders, perfectly in line with the expectations of the Business plan. Operating investments up by 20.2% and Group solidity further strengthened Operating investments, including capital grants, amounted to 414.0 million euro (+20.2%) in the first half of 2025, as against 344.4 million euro at 30 June 2024. This increase was mainly due to the performance of water and waste sectors. Net financial debt stood at 3,927.1 million euro, an improvement over both the 3,963.7 million euro at 31 December 2024 and the 4,063.5 million euro seen in the first half of 2024, thanks to the positive cash flow that fully covered increased capital expenditures and dividend payments.   For further information Press release Visit Investor Relations web area BANNER_PP_ENG_1H2025.png The consolidated half-year report at 30 June shows increased net profit and capital expenditures, in line with corporate strategies and the targets contained in the Business plan img_110x150_1H2025.jpg

Acquisition signed after last February’s binding agreement Herambiente Servizi Industriali finalised the acquisition, from Manifattura Lane Gaetano Marzotto & Figli, of 100% of the capital of Ambiente Energia, a company operating in liquid industrial waste treatment at its plant in Schio, near Vicenza. This closing concludes the process that began on 27 February, when a binding agreement was signed by the two companies. Transaction in line with the 2028 Business Plan More specifically, Ambiente Energia will extend Herambiente Servizi Industriali global waste management offer in one of the most productive and dynamic areas of the country, where the Hera Group is already established with its subsidiaries Vallortigara Servizi Ambientali with two plants in Vicenza province, Aliplast in the Treviso area and Recycla with two plants in Treviso and Pordenone. A multi-purpose plant with an annual capacity of over 120,000 tonnes Ambiente Energia plant, with an annual capacity of more than 120,000 tonnes, thanks to state-of-the-art technological equipment, treats numerous types of liquid and sludge waste, both hazardous and non-hazardous, such as, for example, water from painting and washing, acids and bases, and water from chemical-physical treatments. Its services are thus completely designed for the industrial districts of the Veneto region, including the textile, tanning, engineering and eyewear industries. The purification plant, which returns water to surface waters after treatment, has 41 storage tanks, a wastewater treatment line (both chemical-physical and biological) and a sludge treatment line. For further information Press release   Ambiente Energia_870_ROUNDED.png This transaction further expands the offer of waste recovery and treatment services to companies in one of the most dynamic areas of the country Ambiente Energia_110.jpg

For 2022-2023, the Hera Group is once again among Italy’s top companies for the technical quality of its water service, as appears in the ranking recently published by the Regulatory Authority for Energy, Networks and the Environment (ARERA), which recognises the high standards achieved in infrastructure efficiency and service levels and confirms Hera’s presence in the top positions for the third consecutive two-year period, that is, since the ranking was established, with the Ferrara area ranking second. The significant results achieved in the various local areas, from Emilia-Romagna to the Triveneto and Marche regions, confirm the Hera Group as one of the country’s most virtuous operators and reward the improvement projects and the investments made over the years in the integrated water service: over 1 billion euros in the past five years, with a further acceleration planned in the coming years. In fact, 1.5 billion are the allocated resources for the five-year period 2024-2028, primarily aimed at increasing the efficiency and resilience of networks and plants, to cope with the increasingly frequent and intense extreme weather phenomena. One of the multi-utility's key strengths is its ability to combine the typical levers of a large industrial operator, such as significant investment and the use of innovative technologies, with strong local roots and ongoing dialogue with local institutions, which have distinguished the Hera Group since its inception. The stated goal is to foster the development of territories that are increasingly liveable for citizens, more competitive for businesses, and more resilient to meet the challenges of climate change. 26 total technical quality awards earned by the Hera Group ARERA, based on the evaluations carried out, gave the Hera Group 26 overall awards for the technical quality results achieved, a particularly significant achievement because it covers all of the managed territorial areas in 4 italian regions.   For further information Press release ciclo The results of the incentive mechanism for the integrated water service for the two-year period 2022-2023, recently published by ARERA, show Hera among the top positions in the Italian ranking for both asset and service quality Foto ciclo idrico Hera_110.jpg

The Hera Group has been included for the first time in the prestigious "Climate A List" released by CDP (formerly the Carbon Disclosure Project), one of the most authoritative independent international organisations for environmental measurement and reporting. Thanks to this important recognition, the Group has further confirmed its position among the world's most virtuous companies, in the Top 2%, in terms of decarbonisation and transparency in reporting on climate change. This result is also above the industry average (B) and the European and world average (both C). CDP recognised Hera’s excellent results in practically all assessment categories, with further improvement in many key areas compared to the previous year and confirming its outstanding status in the remaining ones, corroborating its solid, structured approach, aligned with international best practices in managing climate challenges. Being included in the A List reflects the Hera Group’s high level of commitment and climate ambition, first and foremost in its pursuit of carbon neutrality, which is included in the Hera Group’s purpose with an amendment of the company’s Articles of Association in 2021. This goal also takes shape thanks to Hera’s Climate Transition Plan, published in 2024, which includes Net Zero by 2050. In particular, the Plan defines paths and levers for reducing direct and indirect emissions (Scope 1, 2 and 3), showing concrete actions for the reduction of climate-changing emissions, and provides governance mechanisms to integrate climate risks into corporate decision-making and financial processes. For further information Press release CDP_Badges_2025_A_List_870.png The recognition awarded by this independent international organisation bears witness to Hera’s concrete commitment to transparency in environmental reporting and to combating climate change CDP_Badges_2025_A_List_110.png

Herambiente S.p.A., a Hera Group company, acquired from minority shareholder Rogroup S.r.l. its entire stake in Aliplast S.p.A., equivalent to 20% of the share capital, thus coming to hold 100% of the company based in Ospedaletto d’Istrana, near Treviso, a European leader in plastic regeneration. This transaction concludes the process of integrating the company founded by Roberto Alibardi into the Hera Group, which began in January 2017 with the purchase of an initial 40% tranche followed by a second 40% in December of the same year. Today, therefore, the purchase of the remaining 20% was finalised, according to the economic conditions set out in the initial agreement. Since its entry into the Hera Group eight years ago, Aliplast has achieved significant growth, especially in the higher end of the recycled plastic market (for example, in the food and health & beauty sectors), bringing it to a turnover of 150 million euro in 2024, with a total production of recycled products coming to 100 thousand tonnes, including PET and LDPE flakes and granules, PET sheets, LDPE films, PP flakes and HDPE. For further information Press release sedebo_870.png The Hera Group company concludes its integration of this European leader in recycled plastic, which began in 2017, by purchasing the remaining 20% of the company from Rogroup S.r.l sedebo_110.jpg

The Board of Directors of the Hera Group approved its new Code of Conduct for suppliers. This is an innovative “supplier sustainability agreement” that reinforces the Group’s commitment to promoting a supply chain that is increasingly responsible and in line with ESG (Environmental, Social, Governance) principles. This Code was conceived through a participatory process, which actively involved a representative group of suppliers with whom principles and rules on sustainability and business ethics were shared and a true sustainability deal was co-designed, to stimulate the sustainable growth of the entire value chain. With the Code of Conduct, the Hera Group renews its commitment to recognising and valuing companies that adopt high ethical, social and environmental standards, including through the introduction of bonuses in tenders or in the supplier qualification process. Collaboration with suppliers: a strategic element for creating value The Hera Group has always focused on communication and collaboration with its stakeholders, first and foremost suppliers, as key elements for generating value. Hera, indeed, plays a strategic role in promoting sustainable development, enhancing its supply chain as an essential lever for sustaining the economy. The Hera Group adopts a rigorous approach in selecting its suppliers, which goes far beyond mere economic considerations: it deeply assesses their sustainability profile, actively favouring those who comply with the most stringent environmental and social standards. Code of Conduct for suppliers: a further element of empowerment for creating shared value in line with the Hera Group’s purpose The Code of Conduct for suppliers is part of the Group’s broader path towards creating shared value and implementing a business model guided by its Code of Ethics, which was updated in 2023 on the basis of the company’s purpose. Hera also stands out for its collaborative and non-imposing approach to its suppliers, focusing on empowerment and joint growth. For further information Press release   sede_hera_870_rounded.png The Code reinforces Hera’s commitment to promote a more responsible supply chain, aligning it with the company’s sustainability principles and ethics sede_bo_110_news primo piano.jpg

At the ESG Business Conference 2025, the Hera Group ranked second among Italian companies for its integration of sustainability policies into its business strategies and corporate governance. This year as well, and for the fifth consecutive time, Hera is among the leaders of the ESG Identity Corporate Index (formerly the Integrated Governance Index) managed by ETicaNews. Hera thus celebrates ten years in the Top 10 of the Index, launched in 2016. And precisely one decade after the ESG Identity Corporate Index project was created, the Group was also awarded three multi-year performance and continuity awards, aimed at companies that participated in all of the last six editions (2020-2025) of ESG.ICI. More specifically, in the Large Cap category, Hera won the awards: Strongest Performer, Best Finance Identity and Best Transition Identity. Sustainable growth and communication with local areas at the centre of strategies The integration of ESG targets into business strategies and strong local roots are distinctive features of the Hera Group. Today, more than 7.5 million citizens have at least one service provided by the Group in the waste management, energy and water sectors, contributing to the Group doubling its operational size over the last decade. Its business model bases growth and value creation on sustainability, promoting innovation and an inclusive dialogue with all stakeholders. This ongoing dialogue enables Hera to face the challenges raised by the ecological transition, energy security and climate change. The ESG Identity Corporate Index The ESG.ICI is Italy’s only quantitative index that measures the integration of ESG principles into corporate strategies, assessing companies’ commitment to sustainability, social responsibility, the environment and governance. It is unique for its scientific and quantitative approach and aims at measuring the degree of integration of ESG factors in corporate processes, outlining trends, identifying best cases and stimulating debate. The 2025 survey involved 98 companies, 72 of which were listed. For further information Press release   ESG_ICI_2025_870_rounded.jpg On the tenth anniversary of the ESG Identity Corporate Index, Hera also received recognition for performance and continuity as Strongest Performer, Best Finance Identity and Best Transition Identity among Large Cap companies. ESG_ICI_2025_110.jpg

Revenues at 4,321.3 million euro (+28.3%) Ebitda at 418.0 million euro (+0.2%) Net profit for shareholders at 153.7 million euro (+7.4%) Gross operating investments at 191.6 million euro (+22.2%) Net financial debt improves to 3,896.9 million euro, with net debt/Ebitda at 2.45x Today, the Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated results at 31 March 2025. The first quarter of 2025 closed with growth in operating results and investments, and a degree of financial solidity showing further improvement compared to the end of 2024. This good performance was driven by the Group’s multi-business strategy, balanced between regulated and free-market activities, and its usual focus on sustainability.   Cristian Fabbri, Executive Chairman of Hera Group: “In the first quarter we achieved solid growth in our financial results, further strengthening of our capital position. Ebitda rose to 418 million euro, with a structural increase in margins in all business areas, which offset the end of the non-recurring items. Gross operating investments were fully self-funded, thanks to the increase in cash flows, and exceeded 190 million euro, up by more than 22%: capital expenditures to further improve the resilience of assets in the integrated water cycle grew by 57%, while those going to upgrade plant equipment in waste treatment increased by 40%. The value creation at the basis of our industrial strategy was also confirmed by the increase in return on invested capital, which rose to 10.3%.”   Orazio Iacono, CEO of the Hera Group: “The results achieved by the Hera Group in the first quarter of 2025 confirm our ability to pursue our path of growth, even in a complex macroeconomic scenario, keeping our focus on resilience, sustainability and innovation and confirming the solidity of our business model. The good operating and financial performances led to an increase of 7.4% in net profit attributable to shareholders, which rose to 153.7 million euro at 31 March 2025. Our positive cash generation, was able to fully cover the increase in both working capital and capital expenditures and also contributed to further improving financial flexibility, bringing the net debt/Ebitda ratio to 2.45x, lower than the leverage at the end of 2024, representing a strength for pursuing future external growth opportunities." Revenues at over 4.3 billion In the first quarter of 2025, revenues amounted to 4,321.3 million euro, up 28.3% compared to 3,368.6 million euro in the same period of 2024, mainly due to higher energy commodity prices and an increased energy customer base (adding almost 1 million customers equal to +20%). Ebitda rises slightly to 418.0 million Ebitda at 31 March 2025 came up at 418.0 million euro, up slightly (+0.2%) from 417.1 million euro in the first quarter of 2024, confirming strong resilience against macro scenario turbulence. Ebit and pre-tax result increase Ebit at 31 March 2025 rose to 247.2 million euro, up slightly (+0.5%) from 245.9 million euro in the first quarter of 2024. Lower provisions in last resort markets offset higher depreciation related to development capital expenditures, which increased the value of the Group’s assets particularly in regulated sectors and waste treatment, and the new customer acquisition activities in the energy sector. Net profit for shareholders rises to 153.7 million The solid operating and financial performances allowed net profit to rise to 163.8 million euro (+6.8%), compared to 153.3 million euro at 31 March 2024. Net profit attributable to the Group’s shareholders also rose to 153.7 million euro (+7.4%), compared to 143.1 million euro at 31 March 2024. Gross operating capital expenditures increase, and Group financial solidity maintained The Group’s operating capital expenditures, including capital grants, reached 191.6 million euro (+22.2%), compared to 156.8 million euro at 31 March 2024. This increase was mainly due to the water cycle and waste management areas. For further information Press release Visit Investors web area Img_Primo_Piano_1Q_2025_eNG.png Improvement in the main operating and financial indicators. Growth in investments and the reduction of financial debt also continued img_110x150_PrimoPiano_1Q2025.jpg

The Hera Extraordinary and Ordinary Shareholders Meeting, chaired by Executive Chairman Cristian Fabbri, approved the 2024 financial statements and payment of a dividend increasing to 15 eurocents per share, in line with what had been previously announced when the 2028 Business Plan was presented, due to the significant results achieved. Also presented to Shareholders Meeting was the Sustainability reporting which, as of this year, is an integral part of the consolidated and separate financial statements at 31 December 2024, as required by the Corporate Sustainability Reporting Directive (CSRD) 2022/2464/EU. Among the various resolutions passed, the Shareholders Meeting also approved an amendment to the Articles of Association, in compliance with Legislative Decree 125/2024 implementing the CSRD. Amendment of Article 29 of the Articles of Association: new position of Manager responsible for Sustainability reporting As part of the European Green Deal, in order to strengthen companies’ reporting obligations, Legislative Decree 125/2024 introduced the possibility of establishing the position of the Sustainability reporting manager. The Shareholders Meeting therefore approved the amendments of the Articles of Association aimed at regulating the procedures for appointment and the requirements concerning experience and professionalism for this new figure, in compliance with current legislation. 2024 financial statements approved with further growth in key indicators The Shareholders Meeting approved the 2024 financial statements, which indicate increases in the main operating and financial indicators and investments. The creation of value for all stakeholders and the Group’s solid equity once again prove the validity of its multi-business model and its ability to combine corporate growth and sustainable development. Among the main results: adjusted Ebitda rose to 1,587.6 million euro (+6.2%), mainly showing internal and structural growth, and the adjusted net profit attributable to shareholders increased sharply, reaching 494.5 million euro (+31.8%). Total operating investments grew to 860.3 million euro (+5.5%), an increase that demonstrates the ongoing focus on developing, enhancing and strengthening the resilience of assets under management, whose resistance was confirmed even during the extreme weather and climate phenomena that hit Emilia-Romagna last autumn. Payment of a dividend increasing to 15 euro cents per share approved The Ordinary Shareholders Meeting approved the Board of Directors’ proposal to pay a dividend coming to 15 eurocents per share, up 7.1% compared to the last dividend paid. The ex-dividend date was set at 23 June 2025, with payment as of 25 June 2025. Sustainability reporting: growth in shared value Ebitda and investments During the presentation of the 2024 financial statements, the Hera Group’s Sustainability reporting was also put to the attention of the Shareholders Meeting. In accordance with the CSRD and the European Sustainability Reporting Standards (ESRS), as of this year it is an integral part of the Directors’ report and contains all information needed to understand the company’s impact on sustainability issues and how they affect its performance and results. For further information Press release Visit Shareholders’ Meeting web area 2024 Financial Statements Creating Shared Value 2024   Assemblea-azionisti-2025_870_ROUNDED.png The Group’s process of industrial growth continues, closing 2024 with key operating-financial indicators and investments rising, continuing to successfully seize market opportunities and generate value for the local areas served and all stakeholders assemblea-azionisti-2025_110.jpg

In the Modena area, Inrete Distribuzione Energia, a Hera Group company, has launched Italy’s first injection of a mixture of natural gas and 5% hydrogen into a gas distribution network serving a residential area. These trials are possible thanks to the protocol, unique in Italy, recently signed by Inrete, the Ministry for the Environment and Energy Security (MASE) and the Italian Gas Committee (CIG), which allows for testing, in compliance with the most demanding safety requirements, methane gas mixtures with blending of up to 10% hydrogen in distribution networks. The goal is to create favourable conditions for the progressive enabling of mixtures with increasing percentages of gas with a low fossil carbon content to be used in networks, thus making a concrete contribution to the energy transition. The initiative was presented today in Castelfranco Emilia (Modena) near the construction site of the residential area chosen for the trial, in an event attended by the President of the Emilia-Romagna region, Michele de Pascale; the mayor of Castelfranco Emilia, Giovanni Gargano; the CEO of the Hera Group, Orazio Iacono; the CEO of Inrete Distribuzione Energia, Federico Bronzini and representatives of the CIG. Trials, now in the third phase, to conclude with the last step at the end of the year Since 2021, Inrete has been at the head of a project that has already successfully experimented, twice, with injecting a mixture of natural gas and 2% hydrogen into the gas networks serving the same residential area that is now the focus of the new initiative. Having received full confirmation of the necessary measures, both in terms of technology and safety, the Hera Group company, after signing the protocol with the MASE and the CIG, has launched the third phase of the trials with the aim of exploring the various operational aspects that enable the infrastructure to receive, in its current layout, mixtures of natural gas and 5% hydrogen. The project will come to a conclusion towards the end of the year when, based on the results obtained, the feasibility of testing mixtures with an even higher quantity of hydrogen, up to 10%, will be evaluated. For futher information Press release Fabbri-Iacono-dePascale-Braglia-Lanzi-Gargano-Bronzini_870 1 (1).png The tests in the province of Modena were made possible by the protocol, unique in Italy, recently signed by Inrete Distribuzione Energia (Hera Group), the Ministry for the Environment and Energy Security and the Italian Gas Committee pp_pionieri_110x150.jpg

Financial highlights Revenues at 12,889.7 million euro Ebitda* a 1,587.6 million euro (+6.2%) Net profit* for shareholders at 494.5 million euro (+31.8%) Gross operating investments at 860.3 million euro (+5.5%) Net financial debt settles at 3,963.7 million euro, with net debt/Ebitda* at 2.50x Return on invested capital increases, with ROI rising to 10.4% Proposed dividend rises to 15 euro cents per share (+7.1%) Operating and sustainability highlights Growth in operating results supported by all business areas Energy customers rise to 4.6 million (+20%), while over 7.5 million citizens have at least one service provided by the Group Innovative initiatives continue to help the communities served pursue the ecological transition and strengthen the resilience of assets under management, in line with the industrial strategy to 2028 and the Net Zero by 2050 target Shared-value Ebitda rises to 856.6 million euro (+10%) and shared-value investments amount to 655.1 million euro (76% of total investments) Economic value distributed in the areas served over 2.1 billion euro   The Board of Directors of the Hera Group, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated financial results at 31 December 2024, along with the Sustainability reporting, which as of this year is an integral part of the annual report, as foreseen by Directive 2022/2464/EU (CSRD), and the Report on remuneration policy and compensation paid. In 2024, the Hera Group continued along its path of growth in both free-market and regulated businesses; the 5.5% increase in gross operating investments demonstrates the Group’s ongoing focus on developing, enhancing and strengthening the resilience of the assets managed, whose solidity was confirmed even during the extreme weather and climate phenomena that hit Emilia-Romagna last autumn. In particular, the commitment to combine corporate growth and sustainable development with concrete initiatives capable of helping the country move towards the green transition was confirmed, fully consistent with the Group’s 2024-2028 Business plan and its Climate Transition Plan with a Net Zero by 2050 target. The operating and financial results thus highlight the ability to create value that orients the Group’s growth.   Cristian Fabbri, Executive Chairman of Hera Group: “The results achieved confirm the Hera Group’s ability to continue along its path of creating sustainable value. The increase in the main economic-financial indicators and continuous improvement in return on invested capital, with ROI rising to 10.4% and Total shareholders return exceeding 35%, are clear signs of the solidity of our industrial model. We obtained significant growth in both our free market and regulated businesses, with Ebitda reaching close to 1.6 billion euro in 2024, while gross operating investments stood at 860.3 million euro, 35% higher than the average of the previous five years, 76% of which was aimed at pursuing decarbonisation, resilience and the circular economy. The growth in shared-value Ebitda as well, in absolute and percentage terms, testifies to our constant focus on creating not only economic, but also social and environmental value. Evidence of this lies in the economic value distributed in the local areas in which we operate, which in 2024 reached 2.1 billion euro. In addition to our infrastructural growth, we have also achieved commercial growth in all free market businesses and, in particular, in energy supplies, where we have reached 4.6 million customers, up 20%. Thanks to this further development, more than 13% of Italy’s population now receives at least one service from the Hera Group. In light of the results achieved and the Group’s financial solidity, we will propose to the Shareholders Meeting the payment of a dividend set at 15 euro cents per share, up 7.1% compared to the last dividend paid. The effects of this increase will extend to our entire dividend policy for the upcoming years. The results for 2024 therefore confirm once again the validity of our Group’s strategic vision and constitute the first building block of our Business plan.”   Orazio Iacono, CEO of the Hera Group: “In 2024, the Hera Group confirmed its solidity and capacity for growth, recording an increase of over 30% in net profit for Shareholders, which rose to almost 500 million euro. All business areas contributed to this result, which proves the Hera Group’s ability to continue growing in a complex macroeconomic context. The positive operating performances were supported by effective financial operations, since 2024 benefited from the liability management and debt rationalisation initiatives undertaken since the beginning of the energy market crisis, which have helped maintain a net debt to Ebitda ratio of 2.5x, ensuring that the Group has significant financial solidity and flexibility among the lowest reached in last two decades. This operating-financial solidity allows us to continue along our path of external growth, fully consistent with the perspectives defined in the Business plan. Moreover, we continued to accelerate our commitment to the green transition, with a focus on decarbonisation, circular economy and resource protection, also thanks to the contribution coming from of the EIB financing line. In 2024, gross operating investments reached 860 million euro, continuing the trend in infrastructure development that has lasted for years, aimed at improving the quality of services and the efficiency of assets, thus making the local areas served increasingly liveable, competitive and resilient. The Hera Group has therefore once again demonstrated its ability to combine economic development and sustainability, making a significant contribution to the creation of value in the areas it serves and to the achievement of its sustainability objectives, using the lever of innovation to ensure efficiency and new opportunities for growth. Lastly, we must mention that this year we have drafted a Sustainability reporting that covers all the core standards defined by the ESRS (European Sustainability Reporting Standards).” For further information Press release Investor Relations web area banner_be_csv_2024_ENG.png The year closed with growth in the main operating and financial indicators and in investments. The value created for all stakeholders and the Group’s financial solidity once again prove the validity of its multi-business model and ability to combine corporate growth with sustainable development. The proposed dividend was raised to 15 cents per share img_fy2024_110x150.jpg

The Hera Group is moving swiftly towards the circular economy of the future and has inaugurated, in Imola (Bologna), the first plant of its kind in Europe, capable of regenerating carbon fibre on an industrial scale. It is called FIB3R, a name that reflects the 3 R's that stand at the basis of the project: recover, reduce, reuse. Carbon fibre is thus recovered and reused, reducing the use of virgin fibre and therefore the environmental impact that would be required to produce it. There is one important competitive advantage: the fibre regenerated from FIB3R retains the virgin fibre’s characteristic lightness and high strength, guaranteeing - through a state-of-the-art pyrogasification process - that the regenerated product is ready to be reused, rewoven and/or impregnated, for the high-performance purposes for which this type of material is intended. The number of industrial sectors interested in these outstanding features is increasing, ranging from automotive to aerospace, nautical, furniture, textiles and fashion in the broadest sense, only to give a few examples.   The Hera Group’s commitment to advancing the ecological transition, as well as the expected increase in demand for carbon fibre over the next few years, have led it to anticipate this megatrend, accepting the challenge of applying it to this material as well, on an industrial scale. This will reinforce the virtuous path towards the circular economy that has been the basis of its strategy for years, combining economic growth with environmental sustainability. This path is the right one, as confirmed by the interest of the European Union, which has allocated FIB3R financing coming to more than 2.2 million euro as part of NextGenerationEU for its innovative technology and the strategic importance of the materials processed. The total investment planned by the Hera Group to build the Imola plant amounts to 8 million euro. At present, the plant is expected to produce 160 tonnes of recycled carbon fibre each year, with energy savings coming to 75% compared to virgin fibre. “FIB3R is the first plant of its kind in Europe able to recycle carbon fibre. It is aimed at promoting short and circular supply chains, in line with the strategy of making our served areas more competitive and resilient,” states Orazio Iacono, CEO of the Hera Group. “FIB3R is also a concrete example of how the Hera Group is able to combine technological innovation and sustainability, by exploiting the cross fertilisation between the advanced skills of the Group’s various sectors. Recovering carbon fibre not only reduces the environmental impact of this waste, but also creates new market opportunities in strategic industrial sectors. Investing in this kind of circular infrastructure increases the resilience of production chains, reduces dependence on imports of critical raw materials and, at the same time, creates value through sustainable business models. With over 100 advanced plants and 5 new facilities under construction, we have consolidated our country’s largest and most modern set of plants for material treatment and recovery, strengthening our role as a reference operator in the sector and a driving force for the circular economy in Italy. Our Business Plan confirms this strategy, with 2 billion euro in investments for 2024-2028 destined for regenerating resources, a commitment intended to generate value for all our stakeholders.” The inauguration of the FIB3R plant within the Group’s main facility in Imola, near Bologna, offered a chance to engage in a debate on the future of carbon fibre, combining innovation and sustainability. After the institutional welcome given by Marco Panieri, Mayor of Imola, and Irene Priolo, Councillor for the Environment, Local Planning, Mobility and Transport and Infrastructures of the Emilia-Romagna Region, Herambiente CEO Andrea Ramonda opened the event. This event saw the participation of important representatives of the industrial and academic communities: Davide Abate, Ferrari’s Chief Technologies and Infrastructures Officer; Roberto Frassine, Chairman of Assocompositi; Loris Giorgini, Director of the Department of Industrial Chemistry at the University of Bologna; Raffaella Luglini, Chief Sustainability Officer Leonardo; Horacio Pagani, Founder of Pagani Automobili; Andrea Rangone, Full Professor of Entrepreneurship and Digital Business Innovation at the Milan Politecnico; Ferruccio Resta, Chairman of the Fondazione Bruno Kessler FBK. The meeting came to a conclusion with a contribution by Orazio Iacono, CEO of the Hera Group. For further information Find out more on FIB3R webpage Press release https://eng.gruppohera.it/group_eng/innovation/carbon-fiber-recycling-fib3r fib3r Innovation and performance define the first plant of this kind in Europe to operate on an industrial scale, built in Imola to recycle carbon fibre composites while reducing environmental impact M_fiber-PP_CS (1).png

Binding agreement for 100%. Closing within 1H 2025 The Hera Group continues to grow in the Northeast with the acquisition, from the Marzotto Group, of Ambiente Energia Srl, a company involved in industrial liquid waste treatment at its Schio (Vicenza) plant. In Bologna, a binding agreement was signed for the acquisition of 100% of Ambiente Energia Srl, between Herambiente Servizi Industriali Srl (a subsidiary of Herambiente, which in turn is part of the Hera Group) and Manifattura Lane Gaetano Marzotto & Figli Spa. The acquisition will be closed within the first half of this year, following the usual conditions precedent for transactions of this kind. Transaction in line with the Business Plan to 2028 This transaction is part of the Hera Group’s growth strategy in the Waste management area, as defined by the recently approved Business Plan to 2028. More specifically, Ambiente Energia will extend Herambiente Servizi Industriali’s global waste management offer in one of the most productive and dynamic areas of Italy, where the Group is already well established with its subsidiaries Vallortigara in Torrebelvicino and Marano Vicentino (Vicenza), Aliplast in Ospedaletto d’Istrana (Treviso) and Recycla in Resana (Treviso) and Maniago (Pordenone). A multipurpose plant with an annual capacity of over 120,000 tonnes The Ambiente Energia plant, with an annual capacity of over 120,000 tonnes, thanks to its advanced technology, is able to treat numerous types of liquid waste and sludge, both hazardous and non-hazardous, such as paint and washing water, acids and bases, and water from chemical-physical treatments. The industrial added value of the agreement This capacity will give Herambiente Servizi Industriali greater flexibility and capacity in putting together its waste management and recovery projects proposed to companies in the area. Existing Ambiente Energia customers will have access to the know-how of Herambiente and its subsidiaries to develop resource valorisation and circular economy projects, above and beyond the treatment of liquid waste and sludge. For further information Press release acquisizione-Ambiente-Energia_870 1.png A binding agreement has been signed for the acquisition of Ambiente Energia, based in Schio near Vicenza and part of the Marzotto Group, through subsidiary Herambiente Servizi Industriali acquisizione Ambiente Energia_110.jpg

According to Standard & Poor’s, the Hera Group is the world’s best company in the Multi & Water Utility sector and has been included, for the fifth consecutive year, in S&P Global’s Sustainability Yearbook, for its best performances in three areas: Governance&Economics, Environment and Social. This result comes after Hera was included in S&P Global’s Dow Jones Europe & World Indices, two authoritative international stock market indices that include outstanding listed companies based on their performance in the areas of environmental, social and governance sustainability. More specifically, Hera is in the “Top 1%” of the best performing companies in its sector, with a score of 80/100, compared to a sector average of 35/100. This leadership is based on its exemplary ability to seize “market opportunities” and to carefully control and manage “risks and crisis” and “cybersecurity”. This analysis by S&P’s Global portrays a company at the forefront that, for the fifth year in a row, leads a benchmark made up of outstanding companies in the industry worldwide. Morningstar Sustainalytics has also included the Hera Group in its 2025 list of the best companies in terms of performance in the quality of risk management. In particular, the Group also stood out as “Industry Top Rated”, obtaining a score that places it at the top of its reference sector, alongside companies with one of the highest risk/return profiles, having fully regulated businesses and being highly protected from risks arising from the macro environment. These positive assessments confirm the Hera Group’s ability to pursue a sustainability strategy along a path that includes a constant commitment to developing the entire value chain, with a careful eye to global best practices. These recognitions come shortly after the presentation of the new Business Plan to 2028, in which the aspects highlighted by analysts are confirmed: a company that continues to sustain a significant creation of shared value, which translates into an average annual Total Shareholders Return expected at a double-digit percentage rate. For further information Press release HERA---SPGlobal_Yearbook_Emblem_2025_870 1.png For the fifth consecutive year, Hera has been included in S&P Global’s Yearbook, published today, in the “Top 1%” category among the world's best performing companies in the Multi & Water Utility sector HERA - SPGlobal_Yearbook_Emblem_2025_110.jpg

Acantho, the Hera Group’s digital company, which since October 2023 has also included the telecommunications company Asco TLC, now introduces its new HERABIT logo. Thanks to its fibre optic infrastructure network and four data centres located in Imola, Siziano (Pavia), Santa Lucia di Piave and San Vendemiano (both in the province of Treviso), the HERABIT brand will be used to offer Data Centre, Hybrid Multicloud, Data & Voice Communications, Cyber Security e Smart Solutions services to household customers and private and public companies, with a particularly strong presence in Emilia-Romagna and Northeastern Italy. The new HERABIT logo, which expresses the values of the Hera Group, of which the digital company is part, effectively conveys the key words that sum up its activities: digital innovation through Data Centre services and broadband network connections for businesses. The acronym BIT (Business Innovation Technology), in fact, perfectly encapsulates not only the company's skills, but also its daily commitment to turning technology into a value for the people, communities and companies that live and operate in the areas served, given that a “BIT”, as is well-known, is also the unit of measurement of digital space. This new brand expresses the dynamic evolutionary direction in which the digital company is now headed, in order to make the most of market challenges, with distinctive commercial offers, consistent with the values of the Hera Group, and competitive, sustainable and highly innovative solutions. In particular, this path includes expanding the Data Centre services offered, which are essential to guarantee the security, reliability and operational continuity of customers’ business, enhancing the skills acquired and strengthening synergies with the Hera Group. For further information Press release   Cookies disabled - content not available   HERABIT_Logo_870 1.png Acantho, the Hera Group's digital company, has been renewed to offer increasingly advanced services HERABIT_Logo_110.jpg

BUSINESS PLAN TO 2028, OPERATING AND FINANCIAL HIGHLIGHTS Five-year gross investments at 5.1 billion euro Return on net invested capital at 9.5% Structural growth in Ebitda reaching 1.7 billion euro EPS to rise by approximately 6% CAGR Dividends up 21% (rising to 17 cents per share) and average annual yield at roughly 5% Average annual total shareholder return (TSR) at 11%. Net debt/Ebitda stably below 3x over the period covered by the plan and projected at 2.8x in 2028 BUSINESS AND SUSTAINABILITY HIGHLIGHTS A portfolio balanced between regulated and free-market activities maintained, generating resilient results and capable of grasping emerging opportunities 2.6 billion euro in investments aligned with the European Taxonomy for Sustainable Investments (96% of eligible investments) Shared-value investments amounting to 77% over the entire five-year Plan 45% increase in shared-value (CSV) Ebitda over the period covered by the Plan, reaching 66% of total Ebitda in 2028 Commitment to reduce total CO2 emissions by 37% within 2030 and Net Zero by 2050 confirmed 25% of total investments will contribute to digitisation and innovation, 47% to increasing the resilience of infrastructures to climate change and 60% to the ecological transition 10.8 billion euro in economic value distributed over the 2024-2028 five-year period to stakeholders in the areas in which the Group operates 2024 PRELIMINARY RESULTS, HIGHLIGHTS Ebitda exceeds 1.55 billion euro (+4% vs 2023) Net debt/Ebitda ratio below 2.6x (stable compared to 2023) Dividends forecast at 15 eurocents (+7.1% vs 2023), higher than expected in the previous Plan The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, reviewed the preliminary results for 2024 results and approved the Business Plan to 2028.   Cristian Fabbri, Executive Chairman of Hera Group: “A 5.1-billion-euro investment plan, rising by 46% compared to the previous five-year period and supporting sustainable industrial development that increases the resilience of our infrastructures, will allow us to target a 2028 Ebitda coming to 1.7 billion euro, supported by visible growth, both internal and external. This growth fully meets the objective of creating shared value for all stakeholders: profits will indeed increase by 30% (from 2023 to 2028), as will the contribution coming from sustainable activities to Group Ebitda, reaching 66%. The improvement in the objectives of the new Business Plan, along with the positive forecasted for 2024, allow us to revise our dividend policy upwards, proposing a 7% increase, compared to 2024, as early as 2025, reaching 21% by 2028. The economic value distributed over the 5 years covered by the Plan to stakeholders in the areas in which we operate also grows, to almost 11 billion euro.”   Orazio Iacono, CEO of the Hera Group: "For 2024, we expect to close with Ebitda over 1.55 billion euro, a result supported by all businesses in our portfolio, especially structural activities. This is even more significant when compared to the already outstanding 2023, which was affected by several non-recurring revenue opportunities, above all in the energy sector. This performance allowed us to fund an increase in investments and to further improve our financial solidity, with a net debt/Ebitda ratio below 2.6x, stable compared to the previous year. These good results are perfectly consistent with the new Business Plan, which forecasts 5.1 billion euro in gross investments, of which roughly 3 billion euro will be dedicated to the green transition in the areas served. The significant financial commitment required to support the investment plan, benefitting industrial development, will in any case be financed by a strong cash generation, which will also make it possible to keep financial leverage below the prudential level of 3x through to 2028, confirming our financial solidity and creating further flexibility to seize future opportunities". 2024 PRELIMINARY RESULTS The year that just ended saw a positive performance of the industrial margins of all businesses in the portfolio, with Ebitda expected to exceed 1,550 million euro, as against 1,495 million euro in 2023. The “structural” growth observed in the preliminary results, mainly supported by factors involved in organic growth, is even more significant when compared to 2023 Ebitda adjusted for non-recurring contributions, totalling roughly 100 million euro, at 1,395 million euro. A robust cash generation, also supported by efficient working capital management, allowed the net debt/Ebitda ratio to remain below 2.6x, in line with the 2023 result. Considering these figures, the dividend policy was revised upwards: the Board of Directors is expected to propose a dividend payment of 15 eurocents per share, up 7.1% with respect to the 2023 coupon paid in 2024, to be compared with the 3.5% growth forecast in the previous Business Plan (14.5 eurocents). BUSINESS PLAN TO 2028 The new Plan’s strategic framework confirms creating sustainable value benefiting all stakeholders thanks to a balanced business portfolio as the Hera Group’s goal, developing resilient industrial assets even in a scenario marked by continuous volatility and an increasing frequency of extreme weather events linked to climate change. Creating value: a target of 1.7 billion euro for 2028 Ebitda, with a 30% rise in profits The Group’s strategy focuses on creating value through four main growth levers: an efficient allocation of capital to investment projects with the best sustainability-risk-return profiles, expansion of market shares, an enlarged scope of operations thanks to M&A transactions and efficiency gains in both operating and financial costs. The plan aims to generate value benefiting all stakeholders, through financial, environmental and social sustainability objectives. The plan envisages a structural growth of Ebitda by 475 million Euro to 2028 with a CAGR of +7% exactly reflecting the targets set out in the previous Business Plan. This structural growth will more than compensates the eventual shortfall during the period covered by the Plan of some temporary business opportunities of the amount of 170 million euro and drive in any case Group Ebitda to 1,700 million euro in 2028, up from the previous target of the Plan to 2027. Focus on the sustainable development of the entire regional ecosystem, with steady growth in shared-value Ebitda, at over 1.1 billion euro in 2028 (66% of total Ebitda) The Hera Group has included initiatives in its Plan that have adequate profitability and are consistent with operating-financial balance, which at the same time guarantee that sustainable value creation is enhanced. By maintaining a focus on decarbonisation, circular economy, resilience and innovation, “shared-value Ebitda” is expected to increase significantly, exceeding 1,100 million euro in 2028, as against 776 million euro in 2023, reaching 66% of the Group’s total Ebitda and respecting the target of 70% in 2030. In the 2024-2028 five-year period, shared-value Ebitda will increase by 45%, reflecting the growing weight of initiatives that not only generate margins for the company, but are also in line with the goals on the UN Agenda. Gross investments at over 5 billion euro, with financial leverage remaining below 3x Over the 2024-2028 period, the Business Plan calls for total investments amounting to 5.1 billion euro. This financial commitment is 6% higher than the one included in the previous strategic document and 46% higher than the investments made over the last five years. Indeed, in addition to the 4.6 billion euro of investments directly financed by the Hera Group, almost 500 million in resources will come from the PNRR and other institutions. Of these investments, 61% will be earmarked for regulated businesses, while the remaining 39% will go towards fuelling the growth of free-market businesses. More than half of the investments (2.5 billion euro, or 54%) will be dedicated to networks. Furthermore, approximately 8% of the resources will be used to seize external growth opportunities. In line with the content of the European framework, the Group estimates that operating investments coming to 2.6 billion euro (or 96% of eligible investments) will be aligned with the European Taxonomy for sustainable projects, thus fully accessing subsidised sustainable finance instruments, with benefits also in terms of financial costs. 77% of the investment plan (or 4 billion euro) will go towards initiatives capable of creating “shared-value Ebitda”. For further information Press release Visit Investors web area PrimoPiano_Piano-Industriale_ENG_rev.png Development, resilience and creating value shared with all stakeholders confirmed as the strategic pillars of the new business plan, which allocates more than 5 billion euro in investments to accelerate the achievement of ecological transition targets and further increase the resilience of networks and plants PrimoPiano_BP2024-2028_110x150_eng.jpg

The Boards of Directors of AIMAG S.p.A. and Hera S.p.A. agreed to sign a framework agreement that will introduce a new phase in the project for an industrial partnership between the two parties. The transaction will be subject to the usual conditions foreseen for this type of operation and to all communications and approvals by the competent authorities and bodies. The parties expect to complete the transaction within June 2025. The path includes, among other things, a capital increase in kind consisting of a conferral by Hera to AIMAG of an approximately 45% stake in a Newco to which the activities pertaining to the integrated water service in the province of Modena, currently owned by Hera S.p.A., will be transferred, concerning the management of 7,300 km of networks serving approximately 470,000 thousand citizens. As of now, a single hub for Modena’s water cycle will thus be formed, making possible synergies and integrated developments of the current systems and enabling greater investments and significant improvements in the resilience of the water network. This reinforcement of AIMAG’s capital structure, along with the industrial and financial synergies obtained through Hera’s industrial governance, implying its consolidation line by line in the accounts, will enable an investment plan in the 2025-2028 period amounting to a total of over 250 million euro, for AIMAG and the Newco, to enhance the infrastructures of all portfolio activities, with consequent positive effects for all stakeholders. For further information Press release Gruppo Hera sede di Bologna_870 1.png The agreement calls for a capital increase in kind in the coming months through the conferral to AIMAG by Hera of an approximately 45% stake in a Newco managing the integrated water service in the province of Modena, currently managed by Hera Gruppo Hera sede di Bologna_110 (1).jpg

For the sixteenth consecutive year, we have been been certified as a Top Employer for our labour policies. This is a remarkable achievement, since this certification is among the most significant recognitions internationally given to companies that meet high standards in human resource management by the Top Employers Institute, a global certifier of corporate excellence in HR (Human Resource), based in the Netherlands. Top Employers Certification is awarded to companies that meet the high standards required by the HR Best Practices Survey. The analysis, which is highly attentive and increasingly selective from year to year, covers 6 macro-areas related to human resource management and examines in depth 20 different topics and the respective best practices, including: recognition of people and their professionalism, work environment, career opportunities, training and development, valuing diversity, fairness and inclusion, and well-being. This year the Top Employers programme recognised and certified 2,429 Top Employers in 125 countries worldwide, including the Hera Group. The main strengths that enabled us to achieve this important result are: safety, procurement, sustainability, inclusion, wellbeing and people development. In these areas, investments coming to 60 million euro have been planned for the 2024-2027 four-year period in staff training, a third of which will be dedicated to safety. 2,600 new hires are also foreseen along with many initiatives for the development of new skills, to support parents, frail people, caregivers and to valorise different abilities. The Group’s investment in and commitment to the growth and wellbeing of its people includes combating gender-based violence and promoting inclusion. The good quality of life of the Group’s over 10,000 employees is also supported by its extensive welfare plan, offering them a wide range of services, in which the company invests 18 million euro every year. The most significant initiatives include free psychological support sessions, personalised diet plans and sessions with physiotherapists and posturologists, health promotion and prevention programmes with free check-ups and screenings, initiatives to support parenting and childhood education, and sustainable mobility. For further information Press release Primo_Piano_Top_Employer_Italy_2025 (3).png We have been confirmed as one of the best companies in Italy and worldwide in human resource management, thanks to its commitment to combining corporate growth, collective wellbeing and sustainable development primo_Piano_Top_110x150 (2).png