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Hydrogen for civil use: Hera Group, MASE and CIG launch pilot project

07/03/2025

Hydrogen for civil use: Hera Group, MASE and CIG launch pilot project

The Ministry of the Environment and Energy Security, the Italian Gas Committee and Hera’s subsidiary Inrete Distribuzione Energia have signed an operating protocol to test the introduction of a mixture of natural gas and up to 10% hydrogen into household networks. The project involves a residential area in the province of Modena, and internationally recognized bodies have been tasked with supervising safety aspects.

The Ministry for the Environment and Energy Security (MASE), the Italian Gas Committee (CIG) and Inrete Distribuzione Energia (a company part of the Hera Group) have signed a protocol to carry out studies and field tests on mixtures of natural gas and hydrogen to be injected into distribution networks.

This is the first project to fall under the framework agreement signed by MASE and CIG aimed at creating favourable conditions for developing trials with mixtures of hydrogen and natural gas, to gradually introduce increasing percentages of low-carbon gas into gas networks. The “pilot” operating protocol, for the first time in Italy, calls for mixtures containing up to 10% hydrogen to be gradually used to supply an isolated segment of the network. While complying with the most demanding safety requirements, this is aimed at testing solutions that use green gasses in the civil and residential sectors as well. These energy vectors with a low environmental impact, in fact, could contribute to the decarbonisation of local areas with significant environmental benefits, making it possible to make the most of Italy’s existing gas infrastructure, which is unique in Europe in terms of extensiveness, without modifying the current heating systems. The first step of the trial involves feeding a mixture with 5% hydrogen into the network, which will contribute to ongoing studies before increasing the percentage, helping meet the country’s need to diversify its energy sources.

In line with its agreement with MASE and CIG, Inrete will therefore start testing in the upcoming months, cooperating with numerous partners and being supervised by internationally recognised bodies. The tests will involve operators from the entire gas supply chain, from transport to manufacturers of technological equipment, up to manufacturers of boilers and gas burners. The partial replacement of natural gas with hydrogen - whose combustion does not produce carbon dioxide (CO2), mainly responsible for global warming - is indeed a solution pursued by the Ministry of the Environment and Energy Security, in collaboration with specialists in the field and with the aim of facilitating the energy transition.

Trials within a project that started in 2022 in Castelfranco Emilia (Modena)
As of 2022, Inrete is at the head of an initiative that has already successfully tested, with temporary two-step trials, the introduction of a mixture of natural gas and 2% hydrogen into municipal gas networks. The study involved around forty families living in a residential area of Castelfranco Emilia (Modena), all of whom were adequately informed.

Having acquired the necessary know-how, in terms of both technology and safety, the Hera Group company, thanks to the protocol signed with the MASE and the CIG, and in agreement with the same residential area’s municipal administration, will launch the third phase of experimentation. It will thus be possible to explore the different operational aspects that enable the infrastructure to receive, in its current configuration, mixtures of natural gas and 5% hydrogen. This time, too, cooperation coming from citizens will be crucial, at no cost to the families residing in the area chosen for the tests. Indeed, the latter will also be carried out downstream of the meter, with checks on the operations of domestic gas appliances in households, including boilers and burners, to obtain a precise evaluation of the results.

“The pilot agreement we have just signed with the Ministry of the Environment and Energy Security and the Italian Gas Committee,” comments Hera Group CEO Orazio Iacono, “comes as important recognition of our ability to innovate in enabling infrastructures to support transitions, first and foremost the energy transition. The need to diversify our country’s energy sources, which is now urgent, cannot disregard the use of green gases such as hydrogen, and in this context our assets are ready to increase the percentage of the blend in networks, as foreseen by the protocol, reaching 10% and confirming their alignment with the European taxonomy. These trials represent an additional driver for developing strategic and innovative activities aimed at reducing the carbon footprint, by accompanying customers in the energy transition and ensuring the resilience of the areas served.”

“We are proud to have signed this operational protocol with MASE and CIG for tests involving green gas,” adds Federico Bronzini, CEO of Inrete Distribuzione Energia. “We have thus confirmed our commitment to pursuing advanced solutions aimed at reducing energy dependence on traditional fossil fuels. Thanks to significant investments and our experience in the sector, we are ready to concretely promote, once again, the path towards decarbonisation in the civil and residential sector as well.”

NexMeter, the advanced meter developed by the Hera Group
For a correct gas measurement, this trial calls for the use of NexMeters by all users in Castelfranco Emilia involved in the project. NexMeter is the G4 gas meter developed by the Hera Group, already able to measure mixtures of methane and hydrogen; this device, which has opened up new possibilities in the sector thanks to both the advanced technologies it uses and its safety functions, is already found in almost 300,000 Italian homes connected to the gas distribution networks managed by the Hera Group’s distribution companies.

The project’s collaborators:
BAXI; Bosch; Electrolux; Emerson; Ferroli, Immergas; Innovhub SSI; Pietro Fiorentini; RINA; Snam; TdZ, Valpres, a Bonomi Group company, Alfa Engineering and Idrotherm 2000.

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Online from 07 March 2025

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29/07/2026

Hera Group: H1 2026 results approved

The Consolidated Half-Year Financial Report as at 30 June reports a 16% increase in net profit and a 56% rise in investments, higher than in the previous period. The operational and financial soundness has been confirmed and the targets for the current year with regard to external growth have already been achieved in the first half. The results achieved at the end of June will enable the multi-utility to further enhance its infrastructure in the second half of the year and seize new development opportunities.

Economic and financial highlights Revenues adjusted* at €6,494.6 million (-3%)

EBITDA adjusted* at €715.5 million (+7.5%)
Net profit attributable to shareholders adjusted* at €227.6 million (+15.8%)
Investments of €652.5 million, up 56%
ROI adjusted* at 9.4% and ROE adjusted* at 10.9%
Net financial position at €4,248.6 million, with a net debt/EBITDA ratio of 2.75x

The Hera Group's Board of Directors, chaired by Executive Chairman Cristian Fabbri, today approved the consolidated results as at 30 June 2026, which show a positive structural performance, with margins and net profit up compared to the same period of the previous year. The growth is even more significant if the results are compared with the first half of 2025 adjusted.

The results achieved highlight the Hera Group's ability to operate effectively even in a macroeconomic and geopolitical environment characterised by elements of uncertainty. The continuation of international tensions and the volatility of the energy markets did not affect operations, which recorded an improvement in gross margins and operating profit or loss compared to the first half of 2025, confirming the solidity of the business model and the constant generation of value.
The group’s business strategy, based on a balance between regulated and free-market activities, remains a key element for addressing the challenges anticipated for the remainder of 2026. The diversification of businesses and the ability to promptly seize the opportunities offered by the market make it possible to pursue the industrial growth and sustainability objectives defined by the Business Plan, confirming the solidity and flexibility of the Group's business model.With reference to growth opportunities through M&A, during 2026 the multi-utility further strengthened its presence, especially in waste management, through the acquisitions of the Sostelia Group, one of Italy's leading operators specialising in industrial and civil water treatment technologies and services, and of control of Servizi Ecologici Ambientali (SEA), which operates a multifunctional special waste storage and treatment facility located in Camerata Picena (Ancona).

Cristian Fabbri, Executive Chairman of the Hera Group, stated:

"The results achieved by the Hera Group as at 30 June 2026 confirm the strong impetus for growth provided by the Business Plan. The more than 7% increase in EBITDA on a like-for-like basis compared with the first half of 2025, is supported by all business lines and highlights the strength of the business portfolio, despite a complex external environment. The acceleration in investments, which exceeded 650 million euro, up by more than 50% compared to 2025, testifies to the Group’s ability to continue its path of external growth through M&A and infrastructure development, as reflected by the fact that 65% of EBITDA is generated by infrastructure businesses, 44% of which are regulated. The significant increase in development capex, which exceeded 800 million euro over the last 18 months, is only partially reflected in the results achieved in the first half of the year and constitutes a visible reserve of value to support future growth. The increase in net profit, in line with analysts' estimates before the IRAP surcharge, and the 9.4% return on invested capital highlight the Group's consistent focus on value creation.”

Orazio Iacono, CEO of the Hera Group, stated:

“In the first half of 2026, the Group achieved further improved economic and financial results compared to the corresponding period in 2025, despite a macroeconomic environment characterised by persistent elements of uncertainty. Net profit attributable to shareholders amounted to 227.6 million euro, up 15.8% compared to the like-for-like figure for the first half of 2025. This trend confirms the Group's ability pursue growth and transferring it down to the bottom line of the P&L. The acceleration of investments, both organic and for the M&A of Sostelia and SEA, was supported by the solid operating cash flows, exceeding 700 million euro in the first half of 2026. The strength of the capital structure is confirmed by a net financial position/EBITDA ratio of 2.75x, a figure that also incorporates the effects of the annual dividend recent distribution and shows ample room to fund further growth opportunities."

New view by business line

In line with the representation used for the Business Plan and with a view to continuously improving information for investors and stakeholders, starting with the financial report for the first half of 2026, an analysis of results by business line (Networks, Energy, Waste and Other Services) has been introduced as an alternative to the historical representation based on business areas (Gas, Electricity, Water Cycle, Waste and Other Services) giving a better accountability to our strategy.

Revenues adjusted at €6.5 billion

Revenues for the first half of the year amounted to €6,494.6 million, compared to €6,645.0 euro as at 30 June 2025, mainly due to the reduction in volumes in the last resort markets and Consip.

EBITDA adjusted up 7.5%

EBITDA as at 30 June 2026 stood at 715.5 million euro, up 7.5% compared with the first half of 2025 adjusted thanks to the contribution of all business areas. 65% of EBITDA adjusted is generated by the two infrastructure business areas, Networks and Waste.

EBIT adjusted rises

EBIT as at 30 June 2026 rose to 386.5 million euro, recording double-digit growth (+14.7%) when compared with the adjusted value for 2025. This result is due to normalised provisions, which offset higher depreciation and amortisation related to infrastructure growth.

Net profit attributable to shareholders adjusted up 15.8%

Despite the increase in the tax rate to 29.5%, compared with 29.0% in the first half of 2025, due to the increase in IRAP for the 2026-2027 period introduced by the Bollette Decree, adjusted net profit as at 30 June 2026 rose to €245.8 million, up 13.5%. Likewise, adjusted net profit attributable to the Group's shareholders increased to €227.6 million (+15.8%), compared with the adjusted result for the first half of 2025. Excluding the IRAP surcharge, net profit attributable to the Group's shareholders adjusted would amount to €232 million, in line with analysts' consensus estimates. All these results once again confirm value creation for all stakeholders, fully in line with the expectations set out in the Business Plan.

Investments up 56% and further strengthening of the Group's solidity

In terms of capital expenditures and investments, the Hera Group also recorded significant growth compared to the previous year, confirming its commitment to expanding infrastructure and strengthening the resilience of the assets under management, and to promoting technological evolution in support of the green and digital transition.
In particular, operating capital expenditures in the first half of 2026, including capital grants, rose to 510.5 million euro (+23.3%) compared to 414 million euro at 30 June 2025.
In addition to operating capital expenditures, there were investments for M&A relating to Sostelia and SEA amounting to 142 million euro.
In the first half of the year, operating capital expenditures plus those for M&A, amounting to a total of 652.5 million euro, were up 56% compared to 417 million euro in the same period of 2025. Even considering only development capital expenditures and M&A, a significant acceleration was achieved: they increased 2.6-fold to 362 million euro, compared to 137 million euro in the same period of 2025. This commitment is perfectly consistent with the strategy set out in the Business Plan, which reflects the strong execution and has enabled a relevant acceleration in the first half of the year.
As at 30 June 2026, ROI adjusted stood at 9.4% and ROE adjusted at 10.9%, despite the fact that development investments have not yet fully contributed to the year’s results (due to regulatory “time lag”).
The net financial position stood at 4,248.6 million euro, up from 3,944.4 million euro as at 31 December 2025, with a net debt/EBITDA ratio of 2.75x, confirming the financial strength and flexibility of the multi-utility, which will be able to continue to seize further growth opportunities, both organic and through M&A.

Sustainability: shared-value EBITDA is growing, reaching almost 60% of the total

In the first six months of the year, shared-value EBITDA, relating to business activities that also contribute to the objectives of the Global Agenda, rose to 435 million euro, accounting for 59.9% of total EBITDA, up one percentage point compared with the same period in 2025.
The Hera Group has continued to work intensively to combine its growth strategies with the generation of value in the medium and long term, as confirmed by the numerous milestones achieved: from the inclusion of Hera’s stock in the FTSE4Good Index Series for the seventh consecutive year, for its active commitment to sustainable development, to first place in the ESG Identity Corporate Index 2026, obtained for the integration of ESG factors into its strategy, governance and corporate culture.

Networks

EBITDA of the networks business line – which includes the integrated water service, gas and electricity distribution, and district heating – stands at 284.9 million euro, up 5.8% compared to the first half of 2025 adjusted, due to organic growth in all the network services managed, thanks to tariff adjustments linked to the recognition of the RAB, inflation and the implementation of the final 2024 electricity tariffs. Specifically, the main changes are noted in the water cycle, with an increase of 5.2 million, followed by electricity distribution with an improvement in margins of 5.0 million, and gas distribution with an increase of 4.1 million.
During the first half of 2026, gross investments in the networks business line amounted to 336.6 million euro, up 24.8% compared to the previous year. Capital grants, standing at 48.9 million euro, were up compared to the previous year and included 33.7 million euro relating to projects accessing NRRP funds. Capital expenditures mainly went towards extensions, remediation and upgrading on distribution networks and plants, as well as regulatory adjustments for the large-scale meter replacement and in the purification and sewage sector of the integrated water service.
The most significant investments include the construction of the new Bubano (Bologna) water treatment plant serving 13 municipalities in the Ravenna and Imola areas, aimed at increasing the available water reserve, ensuring greater operational flexibility, and meeting the development needs of the area, and the continuation of the Rimini Bathing Safeguard Plan, with the construction of two new retention and first flush rainwater tanks in Bellariva and Rivazzurra. As was already the case in Piazzale Kennedy, the hydraulic works will also become a real opportunity for urban regeneration in this case, with the subsequent construction of two viewing platforms above the new facilities. Also note the upgrading and expansion of the Ravenna purification plant and the construction of the new power-to-gas plant at the IDAR purification plant in Bologna. The trial in Castelfranco Emilia (Modena) for the introduction of mixtures of methane and hydrogen in progressive percentages up to 10% into the city's distribution network was also successfully completed. In Trieste, the works related to the smart grid, recognised as a national best practice in terms of network flexibility, have been completed. On the district heating side, the main investments concerned Bologna (interconnection of four district heating systems, currently physically separate, with simultaneous extension of the network to maximise heat recovery from the waste-to-energy plant), Ferrara (doubling of heat production from the geothermal source and expansion of the network in currently unserved urban areas) and Forlì (with the connection of three district heating systems and the laying of a new main network to increase the amount of heat recovered from the waste-to-energy plant). In the networks segment, over 520 million euro of investments have been made that are already operational but have not yet contributed to the results, pending the end of the 'time lag' period provided for by the tariffs regulation.
The networks business line contributed 39.8% of the Group’s adjusted EBITDA.

Energy

Adjusted EBITDA of the Energy business area – which includes the sale of natural gas and electricity, energy services, power generation and public lighting – amounted to €236.9* million, up 15.3% compared with the adjusted first half of 2025. The increase was supported by all activities within the business, from sales and trading to value-added services, energy efficiency activities and the margins generated by the Gradual Protection Service (STG) segment.
Gross investments in the energy business line amounted to 55.4 million euro, up 7.2% compared with the first half of 2025. The increase derives mainly from investments in electricity generation plants, with plant solutions that favour their construction at consumption centres. With a view to constantly focusing on the needs of its customers, the process of strengthening the physical presence in the areas served continued in the first half of the year with the restyling of priority branches such as the one in Forlì and the opening of new branches. In the first half of the year, the construction of the two Hydrogen Valleys of Trieste and Modena was also almost completed. These will produce more than 620 tonnes of green hydrogen per year, contributing to the decarbonisation of companies and, more generally, of the reference territories and, at the same time, to the redevelopment of brownfield sites.
With regard to public lighting, the percentage of lighting points using LED lamps increased in the first half of the year, reaching almost 70% of the total, confirming the Group's constant focus on an increasingly efficient and sustainable management of public lighting.
The energy business line contributed 33.1% of the Group’s adjusted EBITDA.

Waste

EBITDA for the waste management business line – which includes waste collection, treatment and recovery services – amounted to 178.6 million euro, compared with 175.5 million euro in the first half of 2025. In addition to the positive contribution resulting from changes in the scope of consolidation, with the integration of the Sostelia Group and SEA, the result benefited from treatment and recovery activities due to the higher volumes sold by Aliplast, the strong performance of ACR Reggiani in remediation activities, and the higher volumes of electricity sold by waste-to-energy plants. All these activities more than offset the reduction in the average unit market price compared to the same period of the previous year and the lower contributions from the Feronia's landfill - now back to full operations - due to a temporary administrative shut-down that has now ended. In the urban waste service, higher margins were reported, mainly related to inflation adjustments, greater efficiencies and higher supplementary services required in the tender areas.
Capital expenditures in the waste management business line amounted to 111.4 million euro, up 27.3% compared with the H1 2025, and related to maintenance and upgrading works at waste treatment and recovery plants.
In particular, approximately 80 million were invested in the upgrading of treatment and recovery plants: among the most significant interventions are the continuation, in line with the schedule, of the construction of the fourth line at the Padua waste-to-energy plant and the completion in Modena of a state-of-the-art plant for the recycling of rigid plastics and PE reprocessing, partially financed by NRRP funds, which will be inaugurated in the second half of 2026.
Thanks to the Modena plant and other projects currently underway – such as the new PE-LD recycling plant in Borgolavezzaro (Novara), which will be completed in 2027, and the acquisition of 70% of the newco Kronos Polymer Polska, for which a binding agreement has already been signed with the closing expected by the end of 2026 – the industrial synergies already existing within the Hera Group will be further strengthened, and the subsidiary Aliplast will be able to increase its recycling flexibility, doubling its capacity.
At Group level, thanks to the projects currently being finalised, the waste treatment and recovery capacity will be increased by more than 240,000 tonnes in total by the end of 2026.
In the urban waste collection activities, in the first half of 2026 the Hera Group further improved the quality and quantity of separate collection, reaching 76.8%, compared to 75.3% as at 30 June 2025.
The waste management business line contributed 25% of the Group’s adjusted EBITDA.

Other services

EBITDA for the other services business line – which includes telecommunications and other minor services – stood at 15.2 million euro, stable compared to the first half of 2025.
The other services business line contributed 2.1% of the Group’s adjusted EBITDA.

Special items /Consolidated financial statements reconciliation

The following table provides a reconciliation between the managerial statement of profit or loss and the consolidated statement of profit or loss drafted pursuant to accounting standards.

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Hera Group 1H2026 financial results

Online from 29 July 2026 at 13:08

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Hera Group: H1 2026 results approved

17/07/2026

The Group's continued inclusion in the index confirms the strength of its ESG profile, standing above the Utilities and Multiutilities sector average in key areas including Climate Change, Labour Standards, Governance and Anti-Corruption.

Hera confirmed in the FTSE4Good Index Series for the seventh consecutive year

Online since 17/07/2026

14/07/2026

M&A

This transaction contributes to the execution of the strategy aimed at doubling the capacity of its subsidiary Aliplast to over 210,000 tonnes per year of high-quality recycled plastic raw materials, consolidating its leadership in the sector in Europe. The acquisition will be finalised by the end of 2026.

Hera Group strengthens its leadership in plastics regeneration by acquiring 70% of Kronos Polymer Polska

Online since 14/07/2026

17/06/2026

The multi-utility tops the ranking, marking its sixth consecutive year on the podium, the only Italian company to achieve this result. The recognition rewards the credibility and consistency with which the Group integrates ESG factors into its strategy, governance and corporate culture. centrata Hera Group ranked first in the 2026 ESG Identity Corporate Index, developed by ET.Group to measure the extent to which ESG factors are integrated into companies’ strategies and decision-making processes. The results of the eleventh edition were presented today in Milan at the ESG Business Conference. The Group’s growth, together with the progressive evolution and increasing maturity of its ESG model, has gone hand in hand with continuous advances in governance, enabling the multi-utility to rank among the Top 10 for 9 consecutive years and on the podium for six years in a row. A more selective assessment focused on ESG credibilityThe recognition is even more significant as it is the outcome of a rigorous assessment process carried out against a benchmark that continues to rise. The 2026 edition included a record 109 companies, all demonstrating increasingly advanced levels of ESG maturity. The assessment itself has also become more demanding, shifting the focus from disclosure alone to companies’ ability to demonstrate the effective integration of ESG factors into strategy, decision-making processes and corporate culture. The analysis centres on the development of a robust and coherent ESG strategy geared towards value creation, transparent reporting of results, and the ability to anticipate and manage risks. For Hera Group, particular emphasis was placed on: governance as an enabler, supported by the active involvement of dedicated governance bodies; the integration of ESG targets into remuneration policies and long-term strategies; the ability to foster a cross-functional ESG culture involving all business functions and the entire value chain. Hera Group builds its ESG narrative on its strategy, its commitments and its ability to translate them into tangible results. Over more than twenty years, the multi-utility has combined sustained economic growth with the evolution of its governance towards increasingly demanding targets, clear accountability and measurable performance. The credibility of the Group’s commitments rests on a consistent track record of delivery, as demonstrated by significant investments, completed projects and reported impacts. The same rigour underpins investment in people development through skills, inclusion and professional growth, as well as incentive systems that embed sustainability targets. For Hera Group, ESG is therefore the practical framework through which the company governs, grows and creates value over time. 2026-06-17 sede-hera-110.jpg

Hera Group ranks first in the 2026 ESG Identity Corporate Index

Online since 17/06/2026

16/06/2026

The €100 million project, launched in 2019, has been completed to support local regeneration and the circular economy. sede Hera 110x150.jpg centrata Ravenna, June 16, 2026 – The Ravenna environmental hub, a center dedicated to the circular economy and industrial waste management, is now a reality. The project by Eni and Hera, and in particular their subsidiaries Eni Rewind and Herambiente, represents a model based on industrial regeneration and ecological transition: thanks to the environmental remediation activities carried out by Eni Rewind, which owns the area, and to a total investment of €100 million, a 26-hectare decommissioned site located within the Ravenna district has been restored and repurposed for a new industrial development initiative The Ravenna Environmental Hub’s facilities will help reduce the structural shortage of plants for managing special waste in Italy, maximizing material recovery and reducing reliance on landfills. In particular, the HEA platform - a joint venture between HASI (Herambiente Servizi Industriali) and Eni Rewind - is one of the most significant integrated industrial waste management projects in Italy. The HEA platform is a multifunctional facility for the pretreatment of special waste, both solid and liquid, from industrial and remediation activities. It will replace the historic HASI storage platform in Ravenna, introducing more advanced technologies, greater capacity, and increased operational flexibility to meet the needs of Eni Group operations and the wider industrial market. With a treatment capacity of up to 60,000 tons per year and a multi-line plant configuration, the platform enables a wide range of operations, from storage and repackaging to shredding and mixing. Its main objective is to maximise material recovery and reduce disposals, increasing the efficiency of operations and supporting economies of scale. The HEA platform is strategically important for Ravenna, a major industrial district and one of Italy’s largest producers of special waste. It contributes strengthening local treatment capacity, reducing transfers to facilities outside the region or abroad, and providing companies with more efficient local services. It supports competitiveness, operational continuity and the development of new circular supply chains as well. The Hub also hosts Eni Rewind’s biorecovery plant, which can treat up to 80,000 tons per year of hydrocarbon-contaminated soils from remediation activities. The plant uses a biological aerobic biodegradation process to treat soils which can then be reused as backfill in remediation sites, minimizing the use of virgin materials. A dedicated chemical laboratory managed by Labanalysis Environmental Services, an Italian sector leader in which Eni Rewind holds a stake, will monitor processes and ensure compliance. In addition, Plenitude, an Eni subsidiary, has also built a renewable energy production facility as part of the Hub. Operational since 2024, the photovoltaic plant has a capacity of 6 MWp and covers 11 hectares, with more than 10,000 installed panels. The plant optimizes energy production by using solar panels which can capture light on both sides and are mounted on mobile structures that follow the path of the sun throughout the day. These structures are installed on special supports placed directly on the impermeable cover built as part of the site’s permanent safety measures. In April 2026, the project added an experimental energy storage system based on a new generation of vanadium flow batteries. The system has been completed and connected to the existing photovoltaic installation. Eni Rewind began the overall redevelopment of the Ca’ Ponticelle area in 2019 implementing environmental remediation activities. In 2021, the works had been completed to permanently secure the area, which was once part of a petrochemical complex. In 2023, following the update of the Municipality of Ravenna’s Urban Plan, construction began on the new environmental infrastructure that is expected to become operational in July 2026. “The Ravenna Environmental Hub is being developed on a site deeply rooted in Enihistory. We have transformed the decommissioned Ca’ Ponticelle site into an environmental platform capable of combining remediation, industrial redevelopment, and industrial competitiveness. The site is strategically positioned to meet market needs and will host Eni Rewind’s first two waste treatment plants, alongside the more than 40 plants we operate in Italy for water treatment” said Paolo Grossi, Chief Executive Officer of Eni Rewind. “Our environmental services offering is further enhanced by bioremediation plants for soil recovery and by the industrial waste pre-treatment platform, developed in partnership with Herambiente. The Ravenna Environmental Hub is a concrete example of sustainable development, and we hope it can serve as a replicable model in other regions to reduce infrastructure gaps and the environmental impact of waste management.” “With the new multifunctional HEA platform within the Ponticelle Environmental Hub, the Herambiente Group is taking another step in strengthening its position in industrial waste management. The project is part of a development path aimed at creating a unique plant system in Italy that helps bridge the country’s infrastructure gap and reduce waste exports abroad,” said Andrea Ramonda, Chief Executive Officer of Herambiente. “The HEA facility, developed through the joint venture with Eni Rewind, is equipped with the best available technologies and is designed to maximize the recovery of materials and energy. It will efficiently manage flows related to Eni Group activities and those of the wider market, with tangible benefits for the competitiveness and operational continuity of the local production system. The project also strengthens Ravenna’s strategic role. Herambiente first launched its operations here, and the industrial zone is now part of a circular economy hub serving the industries across Central and Northern Italy.” “The Ravenna Environmental Hub is the result of a vision that began to take shape in 2019, when we started working with Eni, Hera and all the stakeholders involved in the redevelopment of a strategic area such as Ca’ Ponticelle. Today this project shows how environmental regeneration can become a driver of industrial development, innovation, and skilled employment. Ravenna is reaffirming its role as a major national energy and industrial hub, with an increasingly strong focus on the circular economy and sustainability,” said Michele de Pascale, President of Emilia-Romagna Region. “The ability to reclaim disused areas, develop technologically advanced facilities, and create new supply chains linked to material recovery represents a key lever for the future competitiveness of the territory. This investment strengthens Ravenna’s role as one of Italy’s leading laboratories for ecological and industrial transition and offers new opportunities for economic and employment growth for the city, the regional production system, and future generations.” “Today, from Ravenna, a strong message is being sent to the country through a project that combines industrial reconversion and environmental protection, representing a strategic infrastructure not only for our city but also for Italy. This is the model we would like to set the course for the future: fewer landfills, more recovery, more skilled jobs, and investments in photovoltaics, with a view to advancing the circular economy” said Alessandro Barattoni, Mayor of Ravenna. “Thanks to an investment of €100 million, a 26-hectare former industrial site, fully reclaimed from an environmental standpoint, will host new initiatives supporting industry, waste cycle management, and the ecological transition, under a model of competitiveness that combines productivity with environmental sustainability.” Scan here to access the media kit For more information about the HEA platform, visit the website: https://ha.gruppohera.it/herambiente-group/hea 2026-06-16 sede-hera-110.jpg

Eni and Hera: the Environmental Hub is established in Ravenna in the Ca’ Ponticelle area

Online since 16/06/2026

09/06/2026

centrata The Board of Directors of Hera S.p.A., which met today, assessed the independence of its directors appointed by the Shareholders’ Meeting of 29 April 2026. On the basis of the statements made by the Directors and the information available to the company, the Board of Directors of Hera S.p.A. assessed that all directors meet the independence requirements set out in Article 148 of Legislative Decree No. 58/1998, with the exception of the Executive Chairman, the Chief Executive Officer and directors Gianni Bessi and Enrico Di Stasi. The Board also assessed that directors Fabio Bacchilega, Benedetta Brighenti, Roberta Calderisi, Marina Monassi, Francesco Perrini, Paola Schwizer, Bruno Tani, Fabrizio Toselli and Alice Vatta meet the independence requirements set out in the Corporate Governance Code. It should also be noted that, in compliance with the provisions of the Corporate Governance Code, the Board of Statutory Auditors verified that all its members meet the independence requirements, reporting the outcome of these checks to the Board of Directors. The members of the Internal Committees were also appointed: for the “Executive Committee”, the following were appointed: Cristian Fabbri, as Chairman; Tommaso Fabbri, as Deputy Chairman; Orazio Iacono and Vanessa Camani, as members; for the “Control and Risk Committee” (whose composition is the same as that of the Related-Party Transactions Committee) the following were appointed: Paola Schwizer, as Chairwoman; Benedetta Brighenti, Marina Monassi and Francesco Perrini, as members; for the “Remuneration Committee”, the following were appointed: Alice Vatta, as Chairwoman; Fabio Bacchilega, Tommaso Fabbri and Francesco Perrini, as members. Finally, with regard to the "Ethics and Sustainability Committee”, the following were appointed: Tommaso Fabbri, as Chairman; Alice Vatta, Filippo Bocchi and Nicoletta Tranquillo, as members. 2026-05-13 13:34:00 sede-hera-110.jpg

Independence requirements verified for directors and statutory auditors; internal Committees appointed

Online since 13/05/2026 at 13:34

Hera Group's BoD approves results for the first quarter of 2026

The consolidated three-month report as at 31 March shows improved performance and an increase of over 24% in capital expenditures.

Online since 13/05/2026 at 13:07

Hera Group and Saipem launch strategic partnership to support the energy transition and circular economy of Italian industry

A collaboration agreement has been signed to support companies and local areas on their path towards the energy transition and circular economy, through innovative solutions that combine sustainability with competitiveness sede Hera 110x150.jpg centrata Saipem, a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, and Hera Group, one of Italy’s leading multi-utilities, have signed a strategic collaboration agreement, initially lasting three years, with the aim of supporting Italian companies in their energy efficiency, decarbonisation and circular economy journeys. The partnership draws on Saipem’s engineering and technological expertise and Hera Group’s long-standing experience in waste, water and energy services. Both companies share a firm commitment to sustainability and emissions reduction. The agreement between the two organisations aims to support companies and local areas in the energy transition, offering concrete, integrated solutions to reduce emissions, improve consumption efficiency and enhance resource recovery. Particular attention will be paid to the needs of the most energy-intensive industrial sectors, such as ceramics, glass, paper, chemicals, cement, steel and other industries characterised by processes that are difficult to electrify, all of which face an increasingly complex and challenging path towards Net Zero. Through this partnership, Saipem and Hera Group will make their multidisciplinary expertise available, offering a comprehensive portfolio of technologies and integrated solutions for energy efficiency, renewable energy, hydrogen and carbon capture systems. The objective is to identify, on a case-by-case basis, the most effective energy transition pathway from a technical, energy and economic perspective. Interested companies will be able to benefit from a free preliminary audit designed to assess the best possible decarbonisation pathway from an energy and economic standpoint, as well as support in evaluating incentive schemes available at national and European level to help make projects feasible. This represents a concrete contribution across the entire energy transition value chain, a rapidly evolving sector that is increasingly strategic for the competitiveness of the production system. For Saipem, the agreement with Hera Group forms part of its strategy to support the energy transition of the most complex industrial sectors. The partnership enhances the Group’s engineering and technological expertise and its ability to integrate innovative solutions, strengthening Saipem’s role as a technology partner for Italian industry. It also broadens access to solutions for energy efficiency, renewables, hydrogen and CO₂ capture, in line with Saipem’s evolution towards increasingly sustainable business models. This agreement is fully aligned with the path outlined by Hera Group in its Business Plan to 2029, which envisages €3 billion in investments dedicated to the energy transition and circular economy of local areas and businesses. Also moving in this direction is the cutting-edge project for the capture of CO₂ emissions at the Ferrara waste-to-energy plant, proposed by Hera Group as lead partner in collaboration with Saipem. The project was selected in October 2024 to receive funding under the fourth call for mid-scale projects of the EU Innovation Fund, confirming the multi-utility’s commitment to promoting advanced technologies and strategic partnerships to make a concrete contribution to national and European climate targets. Hera Group Hera Group is one of Italy’s largest multi-utilities and operates in the environment, energy and water sectors, with over 10,500 employees. More than 7.5 million citizens receive at least one service provided by the Group. Listed since 2003, it is among the top 40 Italian companies by market capitalisation, is included in the FTSE MIB index and has been part of the Dow Jones Sustainability Index since 2020, recently renamed the Dow Jones Best-in-Class Index. https://eng.gruppohera.it/group_eng/ Saipem Saipem is a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, both offshore and onshore. Saipem is a “One Company” organised into business lines: Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind and Sustainable Infrastructures. The company has five fabrication yards and an offshore fleet of 17 owned construction vessels and 12 drilling rigs, nine of which are owned. Always focused on technological innovation, the company’s vision is “Engineering for a sustainable future”. For this reason, Saipem is committed every day to supporting its clients on their energy transition journey towards Net Zero, using increasingly digital means, technologies and processes geared towards environmental sustainability. Listed on the Milan Stock Exchange, Saipem operates in more than 50 countries worldwide and employs around 30,000 people of over 130 nationalities. Website: www.saipem.com Download Press release Hera Group and Saipem launch strategic partnership .pdf 2026-05-06 sede Hera 110x150.jpg

Online since 06/05/2026

Hera, a global leader in sustainability: once again at the top of the Dow Jones Best-in-Class Index

The Group, included for the sixth year in both the Dow Jones Best-in-Class Europe and World Indices, confirms its position as the most sustainable Multi & Water Utility at global level. A further recognition that rewards the results achieved and the Group’s approach to creating shared value for all stakeholders. sede Hera 110x150.jpg centrata According to S&P Global, the Hera Group has once again been ranked the world’s leading company in the Multi & Water Utility sector and has been included, for the sixth consecutive year, in the Dow Jones Best-in-Class Index (formerly known as the Dow Jones Sustainability Index), both at European and global level. This result follows an in-depth assessment of performance across environmental, social and governance (ESG) dimensions. The Dow Jones Best-in-Class Index, a leading international stock market index, comprises listed companies demonstrating the highest performance in Environmental, Social and Governance & Economic dimensions. In particular, the multi-utility has reaffirmed its global leadership in its sector, achieving a score of 83/100 compared with a sector average of 37/100. This recognition rewards the quality of the Group’s sustainability reporting, the results achieved by a company that has always been aware of its role within its operating ecosystem, and its strategy of pursuing the creation of shared value for all stakeholders, in line with its purpose. The Group is considered a best practice across multiple areas: In governance, it stands out for the transparency of its reporting, its careful and effective risk management – including cyber risk – and its exemplary ability to manage the supply chain sustainably; In the environmental dimension, it ranks first for the efficient management of energy in its internal processes and for safeguarding biodiversity in the territories in which it operates, and has distinguished itself in particular for its reporting and management of climate change-related risks and opportunities; In the social dimension, it has achieved the highest global score in respect for human rights, the development of its employees’ human capital, customer engagement, data privacy protection and relations with local communities. These assessments confirm the aspects most highlighted by analysts: a company capable of combining economic growth with sustainable development, continuing to generate value for its stakeholders and not only for shareholders. This is also evidenced by a shared value EBITDA, which rose in 2025 to 60% of Group EBITDA (in line with the 2029 target of 68% set out in the business plan), and by an expected double-digit average annual Total Shareholder Return. Listed since 2003 and included in the FTSE MIB since 2019, Hera stock has been part of the Dow Jones Best-in-Class Index Europe & World (formerly the Dow Jones Sustainability Index) and the FTSE4Good Index since 2020, and is also included in the Italian ESG MIB blue-chip index dedicated to best ESG practices. For a decade, the Group has been included in the FTSE Diversity & Inclusion Index Top 100 and, in 2025, reached the global Top 10, according to FTSE Russell certification, in recognition of its commitment to promoting diversity, inclusion and people development. Furthermore, for the past five years it has ranked among the top three companies in the ESG Identity Corporate Index, acknowledging the full and conscious integration of sustainability policies into its governance and business strategies. Download Press release Hera at the top of Dow Jones Best-in-Class Index.pdf 2026-05-04 sede Hera 110x150.jpg

Online since 04/05/2026

29/04/2026

The multi-utility continues on its growth path and value creation for shareholders and local areas served. Executive Chairman Cristian Fabbri and Chief Executive Officer Orazio Iacono have also been reappointed to the Board of Directors for the next three-year term.

Hera Shareholders’ Meeting: 2025 financial statements approved and dividend increased to 16 eurocents. New Board of Directors appointed

Online since 29/04/2026 at 16:29

07/04/2026

sede Hera 110x150.jpg centrata The minority lists containing candidates for the appointment of the Board of Directors and the Board of Statutory Auditors, accompanied by the respective documents required by current norms, registered within the deadline by shareholders in light of the Shareholders Meeting called for 29 April 2026, are available to the public at the Company headquarters, on Hera Group’s website (https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings), and on the authorised storage website 1INFO (www.1Info.it). Download Press release 20260408 Pubblication of minority lists of candidates.pdf 2026-04-08 17:50:00 sede Hera 110x150.jpg

Minority lists for the appointment of the Board of Directors and the Board of Statutory Auditors published

Online since 07/04/2026 at 17:50

07/04/2026

sede Hera 110x150.jpg centrata Kindly note that the folder containing the draft Separate Financial Statements and Consolidated Financial Statements as of 31/12/2025, including the Report of the Board of Statutory Auditors and the Report of the Independent Auditors has been made available to the public at the company headquarters, on the website https://eng.gruppohera.it/ and on the authorised storage platform 1INFO (www.1Info.it). In the same way, the Corporate Governance Report and the Report on Remuneration Policy and Compensation Paid are also available. Download Press release Press release Financial Statements FY2025.pdf 2026-04-07 17:28:00 sede Hera 110x150.jpg

Publication of the Draft Separate and Consolidated Financial Statements as of 31.12.2025, the Corporate Governance Report, and the Report on Remuneration and Compensation Paid

Online since 07/04/2026 at 17:28

27/03/2026

sede Hera 110x150.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 2 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 3 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 4 on the agenda 2026-03-27 11:48:00 sede Hera 110x150.jpg

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

Online since 27/03/2026 at 11:48

Price sensitive release

Hera Group approves results at 31/12/2025

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%.

Online since 25/03/2026 at 13:01

24/03/2026

sede Hera 110x150.jpg centrata The majority lists of candidates for the appointment of the Board of Directors and the Board of Statutory Auditors, accompanied by the relevant documentation required by the regulations in force, registered within the deadline by shareholders in light of the Shareholders Meeting called for 29 April 2026, are available to the public at Group’s headquarters, in the dedicated section of the company’s website (https://eng.gruppohera.it/group/corporate_governance/shareholders_meetings/) and on the authorised storage mechanism 1INFO, which can be accessed at www.1Info.it. 2026-03-24 09:23:00 sede Hera 110x150.jpg

Majority lists published for the appointment of the Board of Directors and the Board of Statutory Auditors

Online since 24/03/2026 at 09:23

16/03/2026

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