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Hera Group: BoD approves results for 3Q 2025

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Hera Group: BoD approves results for 3Q 2025

12/11/2025
Hera Group: BoD approves results for 3Q 2025

The first nine months of the year closed with strong growth in revenue and investments, and with all key operating and financial indicators positive, in line with the first two quarters and the targets set out in the Business Plan. The 4.2% increase in net profit attributable to shareholders confirms not only the Group’s solidity and the effectiveness of its multi-business industrial strategy, but above all its ability to combine internal business growth with a positive return on invested capital.

Operating and financial highlights

  • Revenue rises to 9,365.6 million euro (+10.6%)
  • EBITDA stable at 1,037.2 million euro
  • Net profit for the period up to 324.6 million euro (+4%)
  • Gross operating investments at 666.8 million euro (+18.8%)
  • Net financial position at 4,147.2 million euro and net financial position/EBITDA ratio at 2.6x, an improvement compared to September 2024
  • Return on invested capital increases, with ROI at 9.9%

Key industrial guidelines

  • Organic growth of the multi-business portfolio. The strong performance of the water and waste sectors offsets the absence of the temporary opportunities seized in 2024 within the energy segment.
  • Expansion of the operational scope. Strengthening continues through M&A and joint venture initiatives (Ambiente Energia, CircularYard) and through the full consolidation of subsidiaries EstEnergy, Hera Comm, and Aliplast via the acquisition of minority interests.
  • Value creation capacity. Solid operating performance and efficient financial management support earnings growth and the profitability of invested capital.
  • Ample room for development. Cash generation and financial flexibility provide the basis for new organic and external growth initiatives, consistent with the objectives of the Business Plan.


Today, the Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated quarterly report at 30 September 2025, which confirms a positive structural performance and strong growth in revenues and investments 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 effective financial operations, allows it to continue to grow both internally and through acquisitions.

Cristian Fabbri, Executive Chairman of the Hera Group:
“Over the past nine months, leveraging cash generation and our strong financial flexibility, we have focused on the Group’s structural growth: we have doubled our operating investments aimed at development, increasing investments by almost 20% in both regulated sectors and free-market businesses. We furthermore completed a number of M&A transactions and repurchased the minority stakes in EstEnergy, Aliplast and, at the beginning of October, Hera Comm, all of which are now 100% owned. These persistent growth drivers, combined with the strength of our multi-business portfolio, enabled us to offset the loss of certain temporary opportunities and resulted in an increase in return on equity, now close to 10%. These results demonstrate that we are fully on track to achieve the objectives set out in our Business Plan.”

Orazio Iacono, CEO of the Hera Group:
“Strong operating performance and steps towards financial optimisation supported growth in net profit attributable to Shareholders, which rose by 4.2%. The macroeconomic scenario remains complex, but signs of stabilisation in the energy market, combined with our ability to generate cash flow and margins – with the net debt/EBITDA ratio at 2.6x – now allow us to pursue development opportunities with even greater momentum. One non-negotiable principle remains at the heart of our industrial strategy: sustainability must go hand in hand with competitiveness. All our investments in technologies and services aim to strengthen this connection, improving resilience, innovation and the quality of our offer. Only in this way can we reconcile the Net Zero 2050 target with the growth of local areas and the well-being of communities.”

Double-digit growth in revenue, at 9.4 billion euro
At 30 September 2025, the Hera Group’s revenue amounted to nearly 9.4 billion euro (9,365.6 million euro), increasing by more than 894 million euro compared to the same period in 2024, up +10.6%, mainly linked to the increase in energy commodity prices and the higher value of gas and electricity volumes traded.

EBITDA stable at 1,037 million euro
EBITDA for the first nine months of 2025 remained substantially stable with respect to the previous year, amounting to 1,037.2 million euro. Lower margins in the energy areas (–23.3 million euro) were offset by positive results in the water cycle and waste management services. The comparison with 2024 should however take into account the 85 million euro in extraordinary margins recorded that year, linked to temporary non-recurring opportunities (mainly last resort markets and eco-bonuses). Adjusted for these effects, EBITDA at 30 September 2025 shows structural growth coming to 9%, supported by contributions from all the Group’s core businesses, exceeding the 7% average annual growth rate forecast in the Business Plan for the period to 2028.
Alongside internal growth, the Group expanded its industrial scope with the acquisition of Ambiente Energia and the establishment of CircularYard, a joint venture with Fincantieri with a 60% holding, further strengthening its presence in the special waste treatment and circular economy segments. The repurchase of minority shareholdings in Estenergy, Aliplast and Hera Comm also continued, which are now 100% owned. With regard to the project aimed at strengthening the industrial partnership with AIMAG, the agreement signed between the parties in January 2025 was not renewed, since not all the conditions set out in the agreement were met. AIMAG shareholders have confirmed their interest in continuing to evaluate the industrial prospects for strengthening the company.

Profit before income tax above 457 million euro
Ebit for the first nine months stood at 519.9 million euro, down slightly (-0.5%) compared to the same period in 2024, mainly due to the increase in depreciation and amortisation linked to new investments in regulated sectors and waste treatment, while provisions decreased thanks to the normalisation of the energy market. Effective operational and financial management, which saw a 27.5 million euro reduction in expenses thanks to a rationalisation of the debt structure and a reduction in IAS expenses, led to a profit before income tax of 457.2 million euro, up 5.5% compared to the 433.5 million euro seen at 30 September 2024.

Net Profit up 4%
Despite the increased tax rate, at 29% (vs 28% the previous year), net profit at 30 September 2025 reached 324.6 million euro, up 4% compared to 312.1 million euro in the same period of 2024. At the same time, net profit attributable to Group Shareholders also grew, reaching 294.7 million euro (+4.2% compared to 282.9 million euro at 30 September 2024).

Strong growth in operating investments and confirmation of the Group’s financial solidity
At 30 September 2025, operating investments, including capital grants (34.2 million), amounted to 666.8 million euro, up by almost 106 million compared with the same period in 2024 (+18.8%). The areas that benefited most from development and regulatory compliance measures were the integrated water cycle (over 243 million euro in investments, 68 million euro more than the figure seen at 30 September 2024), the waste management area (almost 30 million euro more over one year) and the gas area (+11 million).
The Group’s financial strength and sustainability are confirmed by the net financial position/EBITDA ratio, at 2.6x, which guarantees ample flexibility for future investments. Net financial debt increased by 183.5 million euro in the first nine months of 2025, reaching 4,147.2 million euro, but improving compared to 30 September 2024. With net invested capital rising to 8.32 billion euro in the first nine months of 2025 and net equity at 4.18 billion euro, ROI reached 9.9% (compared to 9.5% one year earlier) and ROE stood at 11.5%.

Gas
EBITDA for the gas area, which includes natural gas distribution and sales, district heating and energy efficiency services, amounted to 299.6 million euro at 30 September 2025, down 2.9% compared to the 308.7 million euro seen in the same period of 2024. The 2024 results benefited from temporary opportunities mainly related to higher margins in last resort markets and energy efficiency activities. The increased contribution from distribution thanks to higher regulated revenues, supported by the increase in the Regulatory asset base (RAB) and inflation recovery, did not fully offset the lower contribution from temporary opportunities. Gas revenue increased by 635.2 million euro compared to the previous year, driven by sales and trading activities, thanks to higher raw material prices and trading volumes, which more than offset the drop in the customer base’s consumption. Regulated revenues grew by 20 million euro, while revenues from energy efficiency decreased by 61 million euro due to a reduction in activities benefitting from tax deductions.
Net investments in the gas sector amounted to 133.5 million euro in the first nine months of the year, up 7.3 million euro to compared with 126.2 million euro in 2024. The most significant projects included the hydrogen production plant in Trieste, co-financed by the NRRP, the upgrading of district heating networks and plants, and the Hydrogen Valley construction sites in Modena. Total gas sales volumes grew by 13.9% (1,017.6 million cubic metres) as a result of increased trading activities, while volumes to end customers fell by 6.2%, reflecting the slight drop in the customer base and energy-saving behaviour. The gas area accounted for 28.9% of Group EBITDA.

Electricity
EBITDA for the electricity area, which includes services in electricity generation, distribution and sales and public lighting, amounted to 186.5 million euro at 30 September 2025, down 7.1% compared with 200.7 million euro in the same period of 2024. However, the 2024 results benefited from temporary opportunities mainly related to higher margins in the Safeguarded service.
Revenue from the electricity area grew by 109.3 million euro (+3.2%) compared to the first nine months of 2024, mainly due to the higher average raw material prices and volumes sold. Increases occurred in both regulated revenues, supported by ARERA resolutions that reflect the growth of RAB and inflationary effects, and revenues from public lighting and value-added services, driven by energy redevelopment works and the expansion of the offer. The number of electricity customers fell by 4.5% year-on-year, largely owing to the reduction in Gradual protection service customers, but the number of users subscribing to value-added services increased by over 80,000 (+27.3% compared to 30 September 2024). Total energy sales volumes grew by 314 GWh (+2.6%).
Net investments in this area amounted to 76.2 million euro (7.9 million euro less than the first nine months of 2024) and mainly concerned distribution, non-recurring maintenance and network upgrades, with actions aimed at improving resilience and hosting capacity. In the public lighting sector, Hera acquired 45.8 thousand new lighting points in 16 municipalities, mainly in Triveneto, Emilia-Romagna, Lombardy, Tuscany and Sardinia. The percentage of lighting points managed with LED technology reached 59.6%, up by more than 10 percentage points in one year.
The electricity area accounted for 18.0% of Group EBITDA.

Water cycle
The integrated water cycle area, which includes aqueduct, purification and sewerage services, grew significantly. EBITDA rose to 253.4 million euro, compared to 234.5 million euro in the same period of 2024, up 8.1% compared to 30 September 2025. This positive trend reflects the application of the new MTI-4 tariff method established by ARERA for the fourth regulatory period 2024-2029, which adjusted the energy component and strengthened the incentive mechanisms for technical and contractual quality. In 2025, the Hera Group also received 26 premiums from the Authority for the results achieved in the two-year period 2022-2023 in all nine territorial areas managed through Hera Spa, AcegasApsAmga and Marche Multiservizi, confirming its high-quality standard in this service.
Total revenue for the area grew by 119.8 million euro. The increase in operating costs, mainly linked to higher supply prices and energy costs, was offset by regulated revenues and bonuses, leading to an improvement in margins.
Gross of capital grants, investments in the integrated water cycle area reached €243.3 million in the first nine months of the year, with over 60% concentrated on aqueducts and the rest on sewerage and purification. Among the main projects in the water network (153 million euro) are the continuation of network and connection remediation works in compliance with ARERA Resolution 917/2017 on technical quality, the installation of smart meters financed through NRRP funds, and a strategic infrastructure project to strengthen the water supply system serving 13 municipalities in the Imola area, including the construction of the new Bubano water treatment plant; in sewerage (62.9 million euro), note the beginning of construction for the southern tanks of the Rimini Seawater Protection Plan (PSBO), and in purification (27.4 million euro) the technological and structural upgrading of the Ravenna treatment plant, also co-financed by the NRRP.
The integrated water cycle area accounted for 24.4% of Group EBITDA.

Waste management
At 30 September 2025, EBITDA for the waste management area rose to 274.9 million euro, up 1.2% compared to 271.6 million euro in the same period of 2024. This growth involved all activities: treatment, recycling, remediation and environmental services, including collection. This positive result is all the more remarkable considering that the results for the same period during the previous year benefited from a non-recurring contribution linked to hedging contracts on electricity generation at particularly favourable conditions. The results were particularly supported by changes in scope related to the expansion in recovery and industrial markets, thanks to the development of ACR’s business, and the consolidation of recent acquisitions (TRS Ecology, integrated as of July 2024, and Ambiente Energia). In addition, in 2025, the Group launched CircularYard, a partnership with Fincantieri for the management of industrial waste in shipyards.
Overall, waste treated increased slightly due to plants operating at full capacity and plant expansion, with positive trends in the material recovery, waste-to-energy (Rimini and Modena) and special waste segments. Commercialized waste volumes increased slightly. Net investments in the waste management sector amounted to 113.6 million euro, up 21.3 million compared to 2024, with growth in the sorting and recovery plant (+21.1 million), waste-to-energy (6.3 million) and collection area (+5.8 million) sectors. The Hera Group currently manages approximately 100 plants capable of treating all types of waste.
Sorted waste collection reached 75.1%, up 1.2 percentage points compared to 2024, thanks to new projects launched in the areas served.
The waste management area accounted for 26.5% of Group EBITDA, consolidating the Hera Group’s leadership in the integrated waste management and material recovery sector.


 


 


 


 

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Hera Group 3Q 2025 results
Online from 12 November 2025 at 12:28
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After all, the Code we have developed is not a simple set of rules, but a real tool for sharing our values with all suppliers”. 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. The company’s commitment, therefore, does not end with the selection, but extends to proactively supporting suppliers to constantly improve their sustainability performance, building a more responsible future together. 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. More specifically, within the Code of Conduct the ethical vision and outlook commitments, shared by the Hera Group and its suppliers, are broken down into three sections modelled on ESG (Environment - Social - Governance) factors, proposing in each section a path of growth that begins with a set of minimum mandatory commitments and goes on to suggest the adoption of a series of recommended best practices. On the one hand, the “Obligations and stipulated requisites” represent a set of mandatory requirements. These go beyond legal provisions, including specific binding rules and minimum performances required by Hera, and provide the ethical and operational foundation on which every business relationship with the company is based. On the other hand, the “Good practices and recommended requisites” indicate an outlook of virtuous actions that, while not mandatory, are strongly encouraged. Hera is actively committed to enhancing these initiatives taken by suppliers, recognising their fundamental contribution to achieving the Group’s sustainability objectives. The Hera_Pro_Empower programme and the “Supplier Sustainability School” Since 2024, the Hera Group has been engaged in a capacity-building programme called “Hera_Pro_Empower”, born from the awareness that most suppliers, especially small and medium-sized enterprises, need support to meet sustainability challenges. As part of the programme, Hera offers an ecosystem of services at subsidised rates, such as: paths for obtaining management system certifications; services for personnel recruitment and selection; services for energy efficiency; and services for industrial waste recovery. The Hera Group has also activated its Supplier Sustainability School, a free academy open to all Group suppliers that provides training courses aimed at raising awareness and skills on ESG issues. So far, the school has been extremely well attended, involving over 800 participants and 500 suppliers through four main training programmes. These programmes have covered crucial aspects such as worksite safety, with targeted seminars for supplier managers on the high standards required by Hera, and an introduction to the Group’s sustainability principles and expectations. Also offered were in-depth studies on significant energy issues, partially in view of the new regulations on sustainability reporting (CSRD), and a specific path to guide suppliers in understanding and applying the new Code of Conduct. Download the press release Hera Group approves Code of Conduct for suppliers.pdf 2025-06-25 15:01:00 sede Hera 110x150.jpg
Online since 25/06/2025 at 15:01
Press releases
24/06/2025
M&A
Hera Spa

CONCLUSION OF THE TRANSFER OF ESTENERGY S.P.A. SHARES

sede Hera 110x150.jpg centrata On today’s date, following the information disclosed through the joint press release issued on 16 December 2024, it is herein announced that Hera S.p.A. has paid Ascopiave S.p.A. Euro 234,066,410.77, together with the transfer of the shares, consequent to Ascopiave exercising the put option for its 25% stake in EstEnergy S.p.A., as defined in the agreements signed between the parties when the partnership was established. The disbursement shall not lead to any variation in Hera's net financial position. Download the press release CONCLUSION OF THE TRANSFER OF ESTENERGY S.P.A. SHARES.pdf 2025-06-24 17:45:00 sede Hera 110x150.jpg
Online since 24/06/2025 at 17:45
Press releases
18/06/2025
Price sensitive
Hera Spa
Other press releases

Hera Group ranks 2nd in the ESG Identity Corporate Index 2025 (ex IGI)

For the fifth consecutive year, the Group has been included among the top positions in the overall ranking of the index that rewards Italian companies that stand out for integrating ESG factors into their governance. 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. sede Hera 110x150.jpg centrata 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 close interconnection between corporate strategy and a focus on sustainable development is also demonstrated by the timely sustainability reporting with ESG targets implemented since its inception by the multi-utility, on a voluntary basis, which goes beyond the mandatory reporting required by the CSRD. Furthermore, the Climate Transition Plan approved in July 2024, outlines the Group's strategy and commitment to achieving Net Zero by 2050, addressing both direct and indirect greenhouse gas emissions, with an overall reduction of approximately 90% by 2050 (compared to 2019) and the removal of all residual emissions by the end of the decarbonization process. 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. The Hera Group’s main awards Listed on the FTSE MIB since 2003 and included in the FTSE MIB since 2019, the Hera stock has been part of the Dow Jones Sustainability Index Europe & World since 2020 and has ranked first worldwide in the Multiutility & Water sector since 2020, as well as being included since 2021 in the first blue-chip index for Italy dedicated to ESG best practices, launched that year by Euronext and Borsa Italiana. The Hera Group has also been included for nine consecutive years in the FTSE Diversity & Inclusion Index “Top 100”, the international index devised by FTSE Russell, for its commitment to promoting diversity, inclusion and people development.   Download the press release Hera Group ranks 2nd in the ESG Identity Corporate Index 2025.pdf 2025-06-18 14:09:00 sede Hera 110x150.jpg
Online since 18/06/2025 at 14:09
Press releases
16/05/2025
Shareholders’ meeting
Hera Spa

Publication of documents pertaining to the Shareholders Meeting

sede Hera 110x150.jpg centrata Kindly note that as of today the minutes of the Shareholders Meeting held on 30 April 2025, as well as the articles of association containing the amendments approved by the Shareholders' Meeting, are available at company headquarters, on the Hera Group’s website (https://eng.gruppohera.it/group/) in the section dedicated to Corporate Governance, and on the authorised storage website 1INFO. We also inform that the aforementioned minutes was registered with the Companies' Register of Bologna on 12 May 2025. Download the press release Publication of documents pertaining to the Shareholders Meeting.pdf 2025-05-16 sede Hera 110x150.jpg
Online since 16/05/2025
Press releases
14/05/2025
Price sensitive
Financial Results
Hera Spa

Hera Group BoD approves results for 1Q 2025

The consolidated quarterly report at 31 March shows improvement in the main operating and financial indicators. Growth in investments and the reduction of financial debt also continued. sede Hera 110x150.jpg centrata 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%) gNet 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 the 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%). Higher revenues were also seen in the waste management area, due, for example, to the growth of the industrial market, thanks to development in remediation activities, and in the public lighting business, due to the progress made in work done for the energy requalification of public lighting systems. 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. This result indicates that the solid structural growth achieved by all business areas was able to offset the end of the contribution related to temporary opportunities that arose in the same period in 2024. 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. The pre-tax result was also up, amounting to 234.0 million euro (+9.9%) compared to 212.9 million euro at 31 March 2024, due in particular to greater efficiencies in financial management as a result of the optimisations undertaken during the previous year. 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. These results confirm the value creation objectives set out in the Business plan. 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. The total amount of net financial debt improved, reaching 3,896.9 million euro, down 67 million euro compared to the figure seen at 31 December 2024, thanks to the positive cash generation that was able to fully cover the increase in working capital and capital expenditures. The net debt/Ebitda ratio also improved compared to the end of 2024, standing at 2.45x in the first quarter of 2025. Financial solidity was reinforced with a flexibility that will allow the Group to continue to seize further growth opportunities, both organic and M&A, on top of those not included in the Business plan. Gas Ebitda for the gas area, which includes natural gas distribution and sales, district heating and energy efficiency services, showed an upward trend, reaching 187.3 million euro (+1.8%) compared to 184.0 million euro at 31 March 2024. This result was due to the positive performance of traditional sales markets, which more than offset the lower contribution coming from last resort markets, and regulated gas distribution revenues, impacted by the redetermination of tariffs for distribution and metering services for the period 2020-2025, the increased RAB for Group-owned assets and the effect of inflationary increases. In the first quarter of 2025, gross investments in the gas area amounted to 38.4 million euro, relating to gas distribution networks and plants, the acquisition of new customers in sales, and district heating services. The main interventions in district heating include the CAAB Pilastro interconnection in Bologna and the works for the construction of the hydrogen production plant in Trieste, while at the same time the Hydrogen Valley project in Modena is ongoing. The number of gas customers stood at 2 million. The gas area accounted for 44.8% of Group Ebitda. Electricity Ebitda for the electricity area, which includes services in electricity distribution, sales and generation, as well as public lighting, came to 60.8 million euro, as against 71.2 million euro in the same period of 2024. This result is the outcome of higher Ebitda in electricity distribution, following tariff updates and the development capital expenditures executed, as well as the end of some temporary opportunities related to the Safeguarded electricity service. The number of electricity customers increased by 48.9% compared to the same period in 2024, exceeding 2.6 million, due to the acquisition in July 2024 of residential customers in the Gradual Protection Service, business development in the free market, and the increase in customers in the safeguarded market as a result of the new tender for the period 2025-2026, confirming the Group competitive capacity. As regards public lighting, more than 42,000 lighting points were acquired in 19 new municipalities, mainly in Emilia-Romagna, Tuscany, Lombardy, Umbria, and Sardinia during the first quarter of 2025. The percentage of lighting points using LED bulbs also continued to grow, confirming the Group’s constant focus on an increasingly efficient and sustainable management. In the first quarter of 2025, the total gross capital expenditures made in this area amounted to 26.4 million euro, mainly in electricity distribution for the maintenance and upgrading of plants and distribution networks in the Modena, Imola, Trieste and Gorizia areas, and improvements in asset resilience. The electricity area accounted for 14.5% of Group Ebitda. Water cycle At 31 March 2025, Ebitda for the integrated water cycle area, which includes aqueduct, purification and sewerage services, rose to 71.2 million euro, up (+8.9%) from 65.4 million euro in the same period of 2024. This growth was mainly due to the higher investments made with measures aimed at promoting and enhancing interventions for the sustainability and resilience of the areas served. In the first quarter of 2025, investments made in the water cycle area, including capital grants, rose by 27.5 million euro to 75.8 million euro (46.9 million in aqueducts, 20.7 million in sewerage and 8.2 million in purification), mainly aimed at upgrading infrastructures to make them even more efficient, to ensure service quality and continuity, improve resilience and thus mitigate the impacts of climate change. Investments in the aqueduct were aimed at upgrading and renewing the distribution network; in the sewerage sector, in addition to maintenance work to upgrade the network in several of the areas served, construction began on the southern basins in Rimini as part of the seawater protection plan (PSBO); in the purification sector, note the upgrading and expansion of the Lugo and Ravenna purification plants. The integrated water cycle area accounted for 17% of Group Ebitda. Waste Ebitda for the waste management area, which includes services in waste collection, treatment and recovery, rose to 91.6 million euro (+2.2%), as against 89.6 million euro at 31 March 2024. This good performance was due to the diversification of both the offer and the customer base and the increase in volumes and services, in both the recovery and industrial markets, partially thanks to the acquisition of 70% of TRS Ecology, with a portfolio of over 2,700 customers, and the development of the remediation business through Group subsidiary ACR Reggiani. As of January 2025, Herambiente was also awarded the tender to manage the Montale (Pistoia) waste-to-energy plant. In the first quarter of 2025 as well, the Hera Group continued to pursue the main initiatives set out in the Business plan with a view to the circular economy, for example the inauguration in Imola (Bologna) of FIB3R, the first plant of its kind in Europe capable of regenerating carbon fibre on an industrial scale. Sorted waste collection at 31 March 2025 rose to 75.5%, up 1.4% compared to the same period in 2024. In the first quarter of 2025, gross investments made in the waste management area increased to 31.7 million euro, up 40.3% year-on-year, mainly for the development, the optimisation and the upgrading of waste treatment plants. The waste management area accounted for 21.9% of Group Ebitda. Download the press release Hera Group approves results for 1Q 2025.pdf 2025-05-14 12:24:00 sede Hera 110x150.jpg
Online since 14/05/2025 at 12:24

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Hera SpA, Viale Carlo Berti Pichat 2/4, 40127 Bologna, Tel.051287111 www.gruppohera.it