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The year closed with a 4% increase in net profit attributable to shareholders and a 20% rise in investments. Value creation for all stakeholders and a solid capital structure once again confirm the Group’s ability to combine business growth with sustainable development. The proposed dividend increases to 16 euro cents per share, up 6.7% img_110x150_FY2025.jpg Economic and financial highlights Revenues at €12,812.2 million (-0.6%) EBITDA at €1,537.2 million (-3.2%) Net profit attributable to shareholders at €464.3 million (+3.9% on a like-for-like basis compared with FY2024, which benefited from extraordinary items of €47.8 million) Gross operating investments of €1,028 million (+19.5%) Net financial debt slightly down to €3,944.4 million, with net debt/EBITDA at 2.57x ROI at 9.6% and ROE at 11.6% Proposed dividend increased to 16 euro cents per share (+6.7%) Business highlights Around 4.4 million energy customers, with over 7.5 million citizens receiving at least one service from the Group Innovative initiatives continued to support the communities served in the ecological transition and strengthen the resilience of managed assets, in line with the Business Plan and the Net Zero target by 2050 Shared-value EBITDA rose to €915.6 million (+7%), while shared-value investments amounted to €810.9 million (78% of total investments). 64% of investments are aligned with the European Taxonomy. Economic added value distributed across the areas served exceeded €2.1 billion The Board of Directors of the Hera Group, chaired by Executive Chairman Cristian Fabbri, unanimously approved the Annual Financial Report as at 31 December 2025, including the Sustainability Reporting pursuant to Directive (EU) 2022/2464 (CSRD), containing the information necessary to understand the company’s impact on sustainability matters and how those matters affect its performance and results. In 2025, the Hera Group continued along its path of industrial growth, with investments up by almost 20%, increasing across all businesses and particularly in the environment and integrated water cycle areas. The Group’s commitment to combining business growth and sustainable development, fully in line with the strategic pillars set out in the Business Plan, was confirmed. The economic and balance sheet results in fact highlight the value creation capability underpinning the Group’s growth. Cristian Fabbri, Executive Chairman of Hera Group: “The positive results achieved in 2025 bring to a close the three-year term of office of the Board of Directors, a period marked by strong geopolitical instability and extreme weather events, which also had an impact on the businesses we manage. Despite this context, we accelerated industrial growth by investing almost €3 billion, 43% more than in the previous three-year period, improving the resilience of our assets and our contribution to environmental sustainability. We achieved significant results, confirming the validity of the direction taken by our Group and demonstrating that business growth, value creation and sustainable development can go hand in hand. Over these three years, EBITDA has grown by almost 20%, while net profit attributable to shareholders has grown continuously, up 44% overall. The cash flows generated enabled us to reduce debt and improve financial leverage. Total Shareholder Return increased overall by 77%, supported by 27% growth in dividends. At the same time, the economic value distributed to our stakeholders also increased significantly, exceeding €2.1 billion in 2025. In light of the positive results achieved and the financial strength of our Group, we will propose to the Shareholders’ Meeting the distribution of a dividend of 16 euro cents per share, up 6.7% on the last dividend paid. This increase will feed through to our dividend policy over the coming years, up to a dividend of 19 euro cents in 2029, as set out in our Business Plan.” Orazio Iacono, CEO of the Hera Group: "In 2025, against a complex macroeconomic backdrop, the Hera Group continued along its industrial development path, increasing investments by 20% to €1.028 billion, the highest level in Hera’s history. These investments were fully self-financed thanks to the significant cash generation achieved during the year and provide a solid foundation for the future development of our Group. At EBITDA level, which reached €1.537 billion, 2025 demonstrated our ability to turn the extraordinary opportunities of previous years into structural and sustainable growth. Net finance costs decreased compared with the previous year, confirming our ongoing commitment to the efficient rationalisation of financial resources. Accordingly, in 2025 as well, the Hera Group confirmed its ability to create value, reporting net profit attributable to shareholders of €464.3 million (+3.9%). In summary, the year closed on a positive note, with a further strengthening of our financial and economic solidity, as evidenced by a net debt/EBITDA ratio of 2.57x, which provides us with significant financial flexibility to pursue effectively the objectives set out in the Business Plan. A recent example is the acquisition of the Sostelia Group, a company with more than 1,200 customers, which positions us as a leader also in the market segment for the treatment of civil and industrial wastewater, further expanding our range of services in support of Italy’s industrial fabric". For further information: Press release Investors web area Online Report FY2025 Report CSV2025 PDF Highlights CSV25 img_PrimoPiano_FY2025_eng_rev (1).png img_110x150_FY2025.jpg

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 Hera S.p.A._top_1_black_110.jpg According to Standard & Poor’s, we are the world’s leading company in the Multi & Water Utility sector and has once again earned a place in S&P Global’s Sustainability Yearbook. This achievement follows an in-depth assessment of our performance across environmental, social and governance (ESG) dimensions. In particular, we ranked first globally in our reference sector with a score of 83 out of 100, compared with an industry average of 37 out of 100. The multi-utility is recognised as an international best practice across several areas: Governance: Hera stands out for the transparency of its reporting, its careful and effective risk management – including cyber risk – and its exemplary approach to managing the supply chain in a sustainable way; Environmental performance: the Group achieved top results in efficient energy management within its internal processes and in safeguarding biodiversity in the areas where it operates. It also excelled in the reporting and management of risks and opportunities related to climate change; Social dimension: Hera obtained the highest global score for respect for human rights, the development of its employees’ human capital, customer relations, privacy protection and engagement with local communities. S&P Global’s analysis therefore portrays a forward-looking company that leads a benchmark made up of the sector’s top performers worldwide. These highly positive assessments – released shortly after the publication of the new Business Plan – confirm our ability to pursue a sustainability strategy based on continuous commitment across the entire value chain, while keeping a close eye on international best practices. The evaluations also highlight the key strengths identified by analysts: a company that continues to deliver significant shared value creation, reflected in a forecast double-digit average annual Total Shareholders Return. For further information Press release Hera S.p.A._top_1_black_870.jpg Hera S.p.A._top_1_black_110.jpg

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 box110x150_BP2025_ENG (1).jpg ECONOMIC AND FINANCIAL HIGHLIGHTS OF THE BUSINESS PLAN TO 2029 Gross five-year investments of 5.5 billion euros 9.3% return on net invested capital EBITDA growth to 1.76 billion euros Net profit for Shareholders at 519 million euros, a structural increase* averaging around 6% per year Dividend rises 27% (up to 19 eurocents per share) Net debt/EBITDA steadily below 3x over the plan period, expected at 2.6x in 2029 BUSINESS AND SUSTAINABILITY HIGHLIGHTS Maintaining a balanced portfolio of regulated and free-market activities, capable of generating resilient results, and the ability to seize emerging opportunities 2.9 billion euros in investments aligned with the European Taxonomy for sustainable investments (95% of those eligible) Shared value operating investments amounting to 77% of the entire five-year plan 30% increase over the plan period in shared value EBITDA (CSV), which reaches 68% of the EBITDA in 2029 35% reduction in total CO2 emissions by 2029 (compared to 2019) to reach Net Zero by 2050 With reference to total investments, 48% will contribute to increasing the resilience of infrastructures, 35% will be allocated to resource regeneration projects and 24% to pursuing carbon neutrality objectives, while 26% will be directed to digitisation and innovation, to achieve the Group's environmental, social and economic objectives Over 11.5 billion euros in economic value distributed over the five-year period 2025-2029 to stakeholders in the areas in which the Group operates HIGHLIGHTS OF 2025 PRELIMINARY RESULTS EBITDA over 1.53 billion euros Net profit for Shareholders exceeding 460 million euros, up 4% Net debt/EBITDA ratio less than 2.6x Expected dividend of 16 eurocents (+6.7% compared to 2024), higher than expected in the previous Plan The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, has reviewed the 2025 preliminary results and approved the Business Plan to 2029. Cristian Fabbri, Executive Chairman of Hera Group: “The new Business Plan confirms our commitment to creating value for all stakeholders. The 5.5 billion euros investment plan, up by around 40% compared to the last five years, supports, also through innovation, sustainable industrial development and the increased resilience of our infrastructures and will allow us to target an EBITDA of 1.76 billion euros by 2029. The improvement in the objectives of the new Business Plan and the positive economic and financial forecasts for the 2025 results allow us to revise the dividend policy upwards by proposing an increase of approximately 7% already from the next dividend, up to 27% in 2029 with a dividend of 19 eurocents per share. The economic value distributed over the 5 years to stakeholders in the areas in which we operate and the contribution of sustainable activities to the Group's EBITDA, which will reach 68%, are also growing to 11.5 billion euros.” Orazio Iacono, CEO of the Hera Group: "We expect to close 2025 with an EBITDA of more than 1.53 billion euros and a profit attributable to shareholders of more than 0.46 billion euros. Results supported by the growth of all businesses in the portfolio, despite the absence of temporary opportunities that had been seized in 2024. This performance made it possible to finance an increase in capital expenditures while maintaining a net debt/EBITDA ratio of less than 2.6x. This financial flexibility allows us to support investments in the green transition and industrial development. The capital expenditures, earmarked for both regulated and liberalised businesses, will fuel organic growth and will be financed by strong cash generation, which will allow us to maintain a financial leverage in 2029 in line with that of the expected closure in 2025, reconfirming financial soundness and creating additional flexibility to be able to seize future new opportunities". BUSINESS PLAN TO 2029 Development, resource regeneration, carbon neutrality, resilience and the creation of tangible and sustainable value for the benefit of all stakeholders are reconfirmed as the strategic axes of the new Plan, which also leverages innovation and digitalisation to support the achievement of the Group’s environmental, social and economic objectives. The increasing investments planned over the five-year period, mainly earmarked for development, will also make it possible to further strengthen the assets managed, also to cope with the increasing frequency of extreme weather events related to climate change. Value creation with the aim of reaching 1.76 billion euros of EBITDA by 2029 with a net profit attributable to Shareholders growing to approximately 520 million euros The Plan's projects promote structural growth of approximately 350 million euros with an average annual growth rate of around 5%. This growth more than offsets the loss of approximately 180 million euros in non-recurring business opportunities (compared to 2024) and achieves a total EBITDA of 1,760 million euros by 2029, up by 60 million euros compared to the previous Plan target for 2028. Organic development, which contributes approximately 250 million euros, is the main lever and is fuelled by the development capex plan, both in regulated and liberalised businesses, by commercial development and by the continuous search for efficiencies. Organic growth is also supported by innovative technologies and plant solutions and the use of artificial intelligence. Focus on sustainable development with a constant growth of shared-value EBITDA, equal to 68% of total EBITDA The Hera Group has planned initiatives with adequate profitability, consistent with the economic and financial balance and which, in parallel, guarantee to amplify the creation of sustainable value. Keeping the focus on decarbonisation, circular economy, resilience and innovation, an important evolution of the EBITDA at shared value is expected, which in 2029 will reach 68% of the Group's EBITDA. Over the five-year period, the shared-value EBITDA will increase by 30%, reflecting the growing weight of initiatives that, in addition to contributing to the development of the company, are in line with the objectives of the UN Agenda and with the development of the territory and communities. Gross investments of 5.5 billion euros with an expected leverage of 2.6x in 2029 During the period 2025-2029, the Business Plan foresees gross investments of 5.5 billion euros, a financial commitment 6% higher than the previous strategic document and 39% higher than the total resources invested in the last 5 years. In addition to the 5 billion euros of investments directly financed by the Hera Group, there are almost 500 million euros of contributions from the National Recovery and Resilience Plan (NRRP) resources and other institutions (PNIISSI, FONI, etc.). Regulated businesses will absorb 63% of the investment plan (with 3.1 billion allocated to networks, which are confirmed as the most capital-intensive business), while the remaining 37% will fuel the growth of liberalised businesses. Most of the investments (55% or 3 billion) will be for development, while the remaining 2.5 billion will be for maintenance. For further information Press release Visit Investors web area PrimoPiano_Piano-Industriale_ENG_Bp2025 (1).png box110x150_BP2025_ENG (2).jpg

With this integration, the multiutility further strengthens its positioning also in the industrial and civil water treatment sector sede_hera_110.1592477872.1603377215.jpg Hera Group further strengthens its leadership in the environmental sector, in particular in the treatment of civil and industrial water, thanks to the binding agreement signed for the purchase of 100% of STA and the related stakes in the subsidiaries that are part of the Sostelia Group (NTW, CID, NPC, Trentino Acque, COMS, Acque della Concordia, Arcobaleno GC). Sostelia is an important Italian private player for technologies and the treatment of industrial and civil water, 65% controlled by Xenon Fidec, an impact private equity fund managed by Xenon AIFM, and with the remaining 35% held by entrepreneurs representing the companies within the group. The transaction has an enterprise value of €138 million. The acquisition by Hera Group is subject to certain customary closing conditions (including notifications and approvals by the competent authorities) and is expected to be completed by the end of March 2026. Once fully integrated, the transaction is estimated to contribute more than €20 million to the consolidated EBITDA growth of Hera Group, in addition to the value of the expected integration synergies. The strategic lines of the transaction The transaction creates a benchmark player in Italy with an integrated offering in the water treatment market - from design and construction (EPC) to operation and maintenance (O&M), up to the treatment and disposal of liquid waste and sludge related to purification processes. It also enables a strong system of synergies with Herambiente, the Hera-controlled subsidiary and Italy’s foremost environmental operator, enhancing quality, efficiency, and service continuity for both public and private customers. Synergies are, in fact, one of the main drivers of value creation. On the one hand, the integration of Sostelia’s services could enable Herambiente to broaden its commercial offering by providing its customers with additional services such as revamping solutions and the design of new plants, or the operation and maintenance of existing private plants, ensuring technical-operational continuity that translates into greater reliability and lower operating costs. On the other hand, Sostelia’s customer portfolio represents a significant opportunity for Herambiente to integrate its own service offering. More generally, the combination of Sostelia’s technical expertise, plant infrastructure, and commercial capability will enable Hera Group to expand its customer base, diversify revenues, and increase business resilience in a sector that requires speed of intervention, high quality of service, and continuous innovation. For further information Press release sede_bo_870 (2).jpg sede_hera_110.1592477872.1603377215.jpg

For the seventeenth consecutive year, we are confirmed among the leading organisations for human resources management img_110x150_topemployer2026.jpg We have 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. 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, we distinguish ourselves through an HR model founded on flexible welfare, 360-degree wellbeing, professional growth, the enhancement of uniqueness and a strong cultural identity. Furthermore, our 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. For us, 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, our corporate university, which aims to support the energy, environmental, digital and technological transitions through innovative programmes and ongoing dialogue with academia. On the welfare front, we allocate €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. For further information Press release Visit “Working at Hera group” web area PrimoPiano_Top_Employer2026.png img_110x150_topemployer2026 (1).jpg

Thanks to an agreement recently renewed for an additional two years, we are supporting the company managing the Fiumicino and Ciampino airports to develop circular initiatives aimed at reducing non-recoverable waste, improving recycling rates and making water consumption more efficient Iacono-Troncone_110.jpg With Aeroporti di Roma (ADR) we have joined forces to make Rome's Fiumicino and Ciampino airports increasingly sustainable, further developing the circular approach to resource management that has led Rome's airports to send all waste produced by passengers for recovery and to save over 1.4 million cubic metres of drinking water by 2024, using treated water for reuse for all uses where potable water is not strictly necessary. A protocol for the circular management of Rome’s airports The agreement with ADR renewed for another two years after an initial protocol launched in 2022, aims to continue along the path of continuous improvement in waste and water cycle management at the Leonardo da Vinci (Fiumicino) and Giovan Battista Pastine (Ciampino) airports. This project is part of ADR’s sustainability plan, that sets sustainable process management at the heart of the company’s strategy. Waste: more recycled, less discarded In 2024, Fiumicino and Ciampino airports produced over 13,000 tonnes of waste. All the waste produced by passengers was sent for recovery, a result achieved thanks to the effective door-to-door separate waste collection system. Moreover, based on this methodology, it is expected, already by 2025, to further improve the recovery of different types of waste, with a focus on packaging and other significant sectors, to promote prevention, reuse and recycling. Concrete actions will thus be put in place for each type of waste, to reduce waste production and maximise the most virtuous forms of recovery. Water: more efficient management and recovery of the resource Sustainable use of the water resource is a priority strategy for ADR. At Fiumicino Airport, potable water is used for less than 30% of the airport's uses. Thanks to the presence of a dual network, ADR only uses potable water for those uses for which it is actually essential; in other cases it uses “treated” water from recycling or capture. Through advanced monitoring systems based on IoT technologies, we and ADR are working to minimise the risk of any leaks or anomalies in the water network of the two Rome airports, thus further reducing the risk of waste. Wastewater management, an increasingly circular approach Fiumicino Airport, like a medium-sized city, is equipped with two wastewater treatment plants that are directly managed by ADR. Wastewater treatment is an important element of the airport management process and is another key aspect of the collaboration with ADR. For several years now, ADR has been using a dual water network, separating the use of drinking water from that of treated water for reuse, and the water resulting from the purification process is reused for airport uses (toilets, heating systems, watering and fire-fighting systems). Thanks to the support of Herambiente Servizi Industriali (HASI), it has been possible to further develop a sustainable approach to wastewater management by implementing and upgrading water purification systems; the sludge resulting from this process is sent to composting plants for reuse in agriculture. For further information Press release   Iacono-Troncone_870_rounded corners.png Iacono-Troncone_110.jpg