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
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.
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.
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).
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Hera Group receives 110 million financing from the EIB
The loan is destined to support investments in the environment area, with the aim of introducing innovative projects to help further increase the percentage of sorted waste and the efficiency of treatment and recovery plants
The European Investment Bank (EIB) and the Hera Group have finalised a € 110 million financing contract intended to support the 2017-2021 development program of this Italian multi-utility, listed on the Milan stock exchange.
Through this loan, the European bank chose in particular to finance 19 projects involved in the waste cycle that are in line with EU directives and foresee interventions in various regions of Italy. 50% of the cost of these projects, coming in turn to roughly € 227 million, will thus be covered by financing from the EIB.
More specifically, the line of credit will be destined to further improvements in the performance of Hera's waste management services, above all by increasing the amount of sorted waste, as indicated in the regional objectives set out by the areas serves, but also by Herambiente, the Hera Group company that is a nationwide leader in waste treatment, recycling and recovery. The Group aims at increasing the efficiency of its own processes to a greater extent, and improving the sustainability standards of its set of plants, whose emissions are, moreover, already far below the limits set by law.
With this financing, which falls within EIB policies, new resources will therefore be made available in the transition towards the model of a circular economy, a transition to which Hera has long contributed, as is shown by its entry as part of the CE100, the program promoted by the Ellen MacArthur Foundation that brings together the 100 most active figures in this field worldwide.
An additional positive element, furthermore, lies in the satellite activities and the consequences in employment which, over the period in which the Hera Group's multi-year investment plan is put into effect, are believed to help reinforce growth in the economies of the areas concerned.
The operation provides the Hera Group with an important contribution to the consolidation of its own financial structure and follows up on the collaboration set into place over time between the EIB and the Group: four other operations (concerning investments in waste management and networks) have in fact been signed by the EIB and Hera in recent years, amounting to over € 700 million.