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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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16/03/2026

Hera Group finalises the acquisition of the Sostelia Group and becomes Italy’s leading player in water treatment

The integration further strengthens the multi-utility’s position in both municipal and industrial water treatment, while activating strong commercial synergies with its subsidiary Herambiente. The transaction, with a total value of €138 million, is expected to contribute more than €20 million to the growth of the Hera Group’s EBITDA.

A group rooted across Northern Italy
Today the Hera Group has finalised the acquisition of 100% of STA Società Trattamento Acque S.p.A., based in Mantua, together with its subsidiaries: NTW (Cornuda – Treviso), CID (Colloredo di Monte Albano – Udine), NPC (Marene – Cuneo), Trentino Acque (Lavis – Trento), COMS (Talmassons – Udine) and Acque della Concordia (Mantua).
Taken together, these companies form the Sostelia Group, which, thanks to the distinctive expertise of its entities, ranks among Italy’s leading private players in the water treatment sector, offering advanced technologies, research and development capabilities, and high-level technical know-how. The sale was carried out for 65% by Xenon Fidec, an impact private equity fund managed by Xenon AIFM, and for the remaining 35% by entrepreneurs, minority shareholders of STA who, starting in August 2023, had transferred the entire share capital of the individual companies to the fund.

Signing completed following the successful verification of the conditions precedent
Today’s closing follows the successful verification of all conditions precedent set out in the binding agreement signed on 19 January and announced on the same date. These included, among other things, the prior divestment of 100% of Smart SEA, a company excluded from the scope of the transaction.

The Sostelia Group’s key figures
The Sostelia Group manages more than 1,200 treatment plants, serves over 1,200 active clients, employs around 350 people and has a turnover of approximately €100 million. Around 70% of its activities are focused on industrial clients.

A leading player in water treatment is born
Through this acquisition, the Hera Group further strengthens its positioning both the Water and Waste sectors, in the treatment of municipal and industrial water – an area that is highly synergistic with its activities.
As outlined in greater detail in the press release issued when the binding agreement was signed, with this acquisition the Hera Group becomes the reference player in Italy in water treatment, with an integrated offer across the entire supply chain.: from design and construction to operation and maintenance, through to the treatment and disposal of liquid waste and sludge associated with purification processes.

Economic rationale: enterprise value of €138 million and more than €20 million contribution to EBITDA
The transaction has an enterprise value of €138 million and is expected to generate a contribution of more than €20 million to the growth of the Hera Group’s consolidated EBITDA, in addition to the value of the expected integration synergies.

Advisors involved in the transaction
In the transaction, Hera was advised by PwC as strategic advisor and by GA-Alliance for legal matters, while Xenon was advised by Rothschild & Co. as financial advisor, by LCA for legal matters, and by Deloitte Financial Advisory and Fortlane Partners.

The Hera Group is one of Italy’s largest multi-utilities and operates in the environmental, energy and water sectors, with more than 10,500 employees. Over 7.5 million citizens receive at least one service provided by the Group. Listed since 2003, Hera ranks among the top 40 Italian companies by market capitalisation (it is part of the FTSE MIB index) and since 2020 has been included in the Dow Jones Sustainability Index (recently renamed the Dow Jones Best-in-Class Index). https://eng.gruppohera.it

Xenon FIDEC is one of the first Italian sustainable private equity funds, in compliance with Article 9 of the SFDR Regulation. It supports entrepreneurs and companies in building Italian leaders active in the energy and ecological transition, and is managed by Xenon AIFM S.A., an alternative investment fund manager authorised by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. For thirty years, Xenon has worked alongside family-owned businesses to manage transformation projects aimed at driving growth, mainly through buy-and-build strategies.

The Sostelia Group was created through an aggregation strategy promoted by the Xenon FIDEC fund, launched in 2023, bringing together companies that provide design, construction and maintenance solutions for water treatment plants. The minority stake is held by the entrepreneurs representing the various companies acquired during the build-up process. Today, the Group represents an important Italian private player in the sector, capable of offering biological and physico-chemical treatment plants, zero-discharge systems, and technologies for the treatment of primary and process water as well as liquid waste.

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PR Hera Group finalises the acquisition of the Sostelia

Online from 16 March 2026 at 12:49

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16/03/2026

M&A

Online since 16/03/2026 at 12:49

Hera Group finalises the acquisition of the Sostelia Group and becomes Italy’s leading player in water treatment

09/03/2026

M&A

Through Herambiente Servizi Industriali, national leader in industrial waste treatment, the multi-utility increases its stake in the Ancona-based operator to 83%. A significant opportunity for the local area, with employment expected to double

Hera Group acquires control of SEA

Online since 09/03/2026 at 11:44

04/03/2026

sede Hera 110x150.jpg centrata Hera S.p.A.’s public shareholders syndicate committee, chaired by the Mayor of Modena, Massimo Mezzetti, met today in Bologna. The Committee approved the list of candidates for the positions of members of the Board of Directors and the Board of Statutory Auditors to be proposed for appointment at the Shareholders’ Meeting scheduled for 29 April 2026. In accordance with regulations, the lists will be made public by 8 April. The Committee also confirmed Cristian Fabbri as Executive Chairman and Orazio Iacono as Chief Executive Officer for the 2026–2029 term. The list of candidates will now be submitted to the Shareholders’ Meeting, which will be called to vote on the renewal of the company’s governing bodies for the upcoming mandate. 2026-03-04 16:50:00 sede Hera 110x150.jpg

Hera S.p.A. Shareholders’ Syndicate Committee: Cristian Fabbri and Orazio Iacono confirmed in top roles

Online since 04/03/2026 at 16:50

03/03/2026

sede Hera 110x150 (1).jpg centrata Kindly note that the following documentation, pertaining to the Shareholders Meeting convened for 29 April 2026, is available to the public at the Company headquarters, on the authorised storage website 1INFO (www.1Info.it) and on Hera Group’s website (https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings): Hera S.p.A. Board of Directors’ Explanatory Report regarding item 5 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 6, 7, 8 and 9 on the agenda 2026-03-03 09:45:00 sede Hera 110x150 (1).jpg

Publication of documents pertaining to the Shareholders Meeting to be held on 29 April 2026

Online since 03/03/2026 at 09:45

18/02/2026

For the sixth consecutive year, Hera has been included in the S&P Global Sustainability Yearbook, ranking in the “Top 1%” of the world’s best-performing companies in its sector, with outstanding results particularly in governance and social performance

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Hera Group: best Multi & Water Utility according to S&P

Online since 18/02/2026 at 10:18

27/01/2026

sede Hera 110x150.jpg centrata Please note that the document entitled “Guidance from the Board of Directors of Hera S.p.A. to shareholders on the composition of the Board of Directors” was published today and is available on the Company’s website at the page: https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings and on the authorised storage platform 1INFO (www.1Info.it) Download the press release 20260127 PR Guidance from the BoD of Hera S.p.A. to shareholders on the composition of the BoD.pdf 2026-01-27 09:31:00 sede Hera 110x150.jpg

Guidance from the Board of Directors of Hera S.p.A. to shareholders on the composition of the Board of Directors

Online since 27/01/2026 at 09:31

26/01/2026

centrata In accordance with art. 2.6.2 (Required Reporting) of the “Rules of the markets organised and managed by Borsa Italiana S.p.A.", please find below our annual calendar of corporate events: 25 March 2026 – Meeting of the Board of Directors to approve the previous year’s preliminary financial statements. 29 April 2026 – Shareholders’ Meeting to approve the previous year’s financial statements. 13 May 2026 – Meeting of the Board of Directors to approve additional financial information for the period ending on 31 March 2026. 29 July 2026 – Meeting of the Board of Directors to approve the half-year financial report as at 30 June 2026. 11 November 2026 – Meeting of the Board of Directors to approve additional financial information for the period ending on 30 September 2026. The Board of Directors, as communicated for the previous financial year and in line with the past, in order to guarantee regularity in the information provided to the financial market and investors, has decided to continue preparing and publishing this information quarterly, on a voluntary basis and in line with current regulations. (*) barring changes See the press release 20260126 HERA CALENDAR OF CORPORATE EVENTS 2026.pdf 2026-01-26 13:10:00 sede Hera 110x150.jpg

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CALENDAR OF CORPORATE EVENTS (*)

Online since 26/01/2026 at 13:10

Price sensitive release

The Hera Group presents its Business Plan to 2029

Development, resource regeneration, carbon neutrality, resilience, and the creation of shared value for all stakeholders are reconfirmed as the strategic axes underpinning the new Plan, which allocates more than 5.5 billion euros in investments over the five-year period, leveraging innovation and digitalisation. The positive preliminary results for 2025 and the new targets of the Plan allow for an upward revision of the dividend policy

Online since 21/01/2026 at 13:14

Hera Group acquires Sostelia and becomes Italy’s leading player in water treatment

With this integration, the multiutility further strengthens its positioning also in the industrial and civil water treatment sector, activating strong commercial synergies with its subsidiary Herambiente and focusing on research and development, innovation, and technical know-how as distinctive levers for medium- to long-term growth. The transaction, with a total value of €138 million, is expected, once fully operational, to contribute over €20 million to the consolidated EBITDA growth of the Hera Group.

Online since 19/01/2026 at 14:23

15/01/2026

For the seventeenth consecutive year, the company is confirmed among the leading organisations for human resources management, in particular thanks to its distinctive welfare, training and skill development programmes. img_110x150_topemployer2026 (5).jpg centrata The Hera Group has once again been ranked among the best Italian companies for people management and development policies, obtaining the Top Employer certification for the seventeenth year running. This is one of the most prestigious international awards for companies meeting high standards in human resources management. It is awarded by the Netherlands-based Top Employers Institute, a global authority on HR excellence, following a meticulous and increasingly demanding annual audit of specific criteria, including remuneration, working conditions, career opportunities, corporate culture, and the training and development of people. The award recognises the Hera Group’s strategic commitment to continuous learning and organisational wellbeing, in a landscape where career longevity, talent attraction and generational inclusion are increasingly critical. With over 10,500 employees, 96% of whom are employed on permanent contracts, Hera distinguishes itself through an HR model founded on flexible welfare, 360-degree wellbeing, professional growth, the enhancement of uniqueness and a strong cultural identity. Furthermore, the Group’s multi-business nature represents a significant benchmark on the national stage, offering diverse career paths and the opportunity to develop new skills within the same organisation. Among the various national and international awards obtained, the following are worthy of notice: the Diversity & Inclusion Index, compiled by FTSE Russell (a London Stock Exchange Group company), which ranks Hera as the only Italian company in the global Top 10; the Dow Jones Sustainability Index, the prestigious international stock market index that includes listed companies with the best performance across Environmental, Social, and Governance & Economics (ESG) dimensions. Hera has been a member for five years and is included in both the World and European indexes. In addition, the multi-utility has obtained the UNI/PdR 125:2022 gender equality certification, a major recognition involving eleven Group companies, which confirms the commitment to creating an inclusive corporate culture focused on its people. For the Hera Group, continuous training is a cornerstone of its ‘people strategy’: thanks to an annual investment of approximately €15 million, over 97% of employees participate in at least one training initiative, averaging 30 hours per capita. A central role is played by HerAcademy, the Group’s corporate university, which aims to support the energy, environmental, digital and technological transitions through innovative programmes and ongoing dialogue with academia. Longevity is another theme on which the multi-utility is working specifically. With an average employee age of 46.5 years, Hera has moved from having two to four generations coexisting in the workplace. This entails greater complexity but also greater opportunities. The challenge lies in creating an attractive work environment for all generations, stimulating intergenerational dialogue and allowing people of all ages to express their potential, thereby contributing optimally to the achievement of corporate goals. On the welfare front, Hera allocates €23 million annually to its Hextra system, which involves 99% of the workforce. The scheme offers, among other opportunities, initiatives for parenting support, health and pension services, and programmes dedicated to psychological and financial wellbeing. Among the main levers for organisational development, Hera has recently introduced a new leadership model oriented towards purpose and widespread accountability. Employee satisfaction, measured in a recent dedicated survey, and a turnover rate among the lowest in the sector, confirm the solidity of the path the company has taken. In the last three years, the Hera Group has hired over 3,900 people, including insourcing, coupled with growing investments in training, process digitisation and the development of skills geared towards sustainability and circularity. Recruitment is expected to remain at these levels for the coming years. «Our corporate purpose is rooted in a broader conviction: that the appreciation and satisfaction of the people who work in our Group are essential to ensuring the growth and solidity of the company and, at the same time, to providing increasingly better services, with positive environmental and economic impacts for the areas we serve», said Cristian Fabbri, Executive Chairman of the Hera Group. «The pillars of the Good Work Deal are fully aligned with our purpose: health and safety; integrated supply chains and tenders; equity and inclusion; wellbeing, professional development and productivity; sustainability and shared value. Within these areas, we make concrete commitments, keeping the people of the Hera Group firmly at the centre. Our model aims to be a bridge to the future, responding effectively to the ongoing evolutions in the labour market through a just transition, where all stakeholders participate in creating sustainable development and benefit from this growth». In 2026, the Top Employers Institute certified nearly 2,500 organisations, including the Hera Group, across 131 countries/regions. These certified companies have a positive impact on the lives of over 14 million employees worldwide. Adrian Seligman, CEO of the Top Employers Institute, commented: «The achievement of the Top Employer certification for 2026 reflects the Hera Group's commitment to creating an outstanding work environment that enables lasting business performance. Its strong alignment between personnel strategy and organisational goals, combined with a commitment to continuous improvement, demonstrates the impact of its transformative practices. We are proud to reward the Hera Group for its significant contribution to a better world of work in Italy». 2026-01-15 img_110x150_topemployer2026 (4).jpg

Hera remains a Top Employer: people, skills and innovation to drive the Group’s strategy

Online since 15/01/2026

Hera Group on negotiations to acquire Sostelia

sede Hera 110x150.jpg centrata With reference to certain rumors published today in Il Sole 24 Ore, the Hera Group specifies that negotiations are ongoing for the acquisition of a significant company perimeter of Sostelia Group, the main private Italian player in industrial and civil water technologies and treatment, controlled by Xenon Fidec. Hera will promptly inform the market, in accordance with the law and regulations, regarding any possible signing of a binding agreement. 2026-01-14 07:36:00 sede Hera 110x150.jpg

Online since 14/01/2026 at 07:36

Hera Group wins the EIPM – Peter Kraljic Award 2025, the international award for excellence in procurement

The multi-utility is among the six organizations worldwide selected in the 16th edition of the award established by the European Institute of Purchasing Management, recognized as a benchmark in the “Virtuous Ecosystem Leader” category.

Online since 15/12/2025 at 17:11

Hera Group and Caviro together until 2035 with Enomondo, a joint venture that sets an example in agri-food waste recovery

A new ten-year agreement has been signed between subsidiaries Herambiente and Caviro Extra for joint management of composting, cogeneration and photovoltaic plants: every year, over 230,000 tonnes of biomass are transformed into energy and natural fertilisers. Further investments have been planned to reduce emissions and increase the value of the products. This shared Emilia-Romagna industrial model is thus confirmed as an exemplary case of symbiosis between the waste management and wine-growing sectors.

Online since 09/12/2025 at 12:39

03/12/2025

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999)

COMMUNICATION OF THE OVERALL AMOUNT OF VOTING RIGHTS

Online since 03/12/2025 at 12:46

Hera Group boosts innovation in its own assets through Corporate Venture Building

The Group has launched a new programme intended to scale up development in its own innovations and bring them to the market, one of the first of its kind in the Italian energy sector. NexSuite, an asset portfolio for gas distribution network security, is now presented in Bilbao at the Enlit international trade fair

Online since 19/11/2025 at 11:20

Price sensitive release

Hera Group: BoD approves results for 3Q 2025

Online since 12/11/2025 at 12:28

13/10/2025

For the tenth consecutive year, the multi-utility is ranked among the 100 most inclusive companies worldwide and reaches 10th place overall—first among Italian companies—in FTSE Russell’s (formerly Refinitiv) international index, which assesses more than 16,500 listed companies.

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Hera Group in the global Top 10 of the Diversity & Inclusion Index - No. 1 among Italian companies

Online since 13/10/2025 at 12:09

08/10/2025

M&A