Press releases

2020-09-17 The two companies have signed the Hera Business Solution protocol for managing integrated waste, drinking water, purification and energy efficiency enhancement services. This multiservice proposal is offered to large companies who wish to reach goals in sustainability, which are measurable and increasingly demanding in various areas, making the most of the skills provided by a single partner. Circular economy and sustainability are at the heart of the Hera Business Solution protocol, signed today by the Hera Group, one of Italy’s largest multi-utilities, and Fruttagel, a national leader in the food sector, specialised in the industrial transformation of fresh fruit and vegetables, cereals and beans. Thanks to the Hera Business Solution, a multiservice offer conceived for large companies, the Hera Group will lend its companies’ experience to Fruttagel. The support provided will allow the latter to meet rising and increasingly challenging goals in circularity along its entire production chain, broadening the range of services already provided by the Group and thus allowing it to count on the benefits ensuing from dealing with a single partner. Circular economy, indeed, is a concept often associated only with the waste treatment sector, while actually covering all areas and therefore also concerning the responsible and efficient use of water and energy. Circular economy across the board with Hera Business Solution The Hera Business Solution protocol signed by Hera and Fruttagel is a valid example of an agreement between different sectors of production that aims at providing solutions for both environmental and production issues, fully deserving a place within the circular economy circuit. This collaboration is part of a process already underway with Fruttagel, that uses a few services offered by the Hera Group, for example managing waste, with plans to reduce it and global service solutions to maximise recovery, and the purification plant; supplying drinking water; selling energy and web tools to analyse and manage energy consumption and evaluate its effects; offering data connectivity, internet and data centre services. Now that the Hera Business Solution protocol has been signed, the multi-utility will launch a phase of consulting to draft a monitoring model that covers all Fruttagel’s activities and provides support in reaching environmental sustainability goals in terms of raising consumption efficiency, improving environmental performances and reducing energy and environmental impact. The bar set for these goals will become even higher, owing to the broader range of coordinated services provided by the Hera Group. With the Hera Business Solution, the Hera Group is indeed available as a partner for large industrial groups, with an overall proposal consisting of integrated energy and environmental solutions, sustainable and well-defined for single businesses, taking their own complexity into account. The goal is to set out new opportunities for growth, working alongside companies, to reduce as much as possible costs for the community, the environment and future generations. All of this will involve regenerating natural resources, lengthening the useful life of goods and resources and developing skills for an efficient use of raw materials. The Circular Economy Report, to describe and measure sustainability Measuring and reporting are ever more crucial to remain competitive on the market, in reputational terms as well. In order to present results or previously launched sustainability projects, the Hera Group will lend Fruttagel its consolidated experience in this field, designing and drafting along with this company a report on the sustainability performance reached. The report will be constructed by including indicators concerning the main services acquired/provided, for example recovery in waste managed, greenhouse gasses avoided, renewable energy used and the primary energy saved thanks to efficiency interventions and cogeneration plants. Through these numbers, it will be possible to better analyse these processes and their impact, introduce plans for improvement and transparently report to stakeholders. “This partnership with Fruttagel, a leading company nationwide, is a further initiative in the development of actions concretely aimed at a circular economy and decarbonisation, introduced by our company”, comments Stefano Venier,HeraGroup CEO. “The integrated contribution coming from our Group’s various specialised companies allows us to act as a single partner, ready to serve our clients and help them reach increasingly demanding and significant goals in sustainability, providing them with across-the-board solutions concerning all areas of a company’s activity”. “Fruttagel has published a yearly corporate report since 2010, now a Sustainability report, and has always guaranteed that its consumers receive genuine quality products that promote the principles of a correct and healthy diet. This however is no longer enough”, remarks Stanislao Fabbrino, Chairman and CEO of Fruttagel. “Consumers now not only wish to know “what” is inside our products, but also “how” they are made. Does the company behind these products respect the environment? Does it respond to issues found in the surrounding communities? Does it monitor its employees’ needs? Does it pay famers the right price? The answers to all these questions are found in our company’s Sustainability report, but they also require a great deal of commitment and investment, especially concerning issues in environmental sustainability. This is why we have signed this agreement; we need to collaborate with circular economy specialists and, since we wish to demand more of ourselves, we want the best. We’re working on a new three-year business plan, in which we will set out ambitious targets in sharply reducing the amount of virgin plastic, cutting the amount of CO2 generated by our activities, recovering a larger percentage of processing water and using an increasing amount of energy from renewable sources. We wish to work alongside Hera in meeting all these goals”. 2020-06-18 15:54:00 Firma_accordo_Fruttagel_110.1600351275.jpg

2020-09-16 The Hera Group continues to rise in Refinitiv’s international ranking, the “Diversity & Inclusion Index”, a reference point for investors who look with interest towards the businesses committed to promoting diversity, inclusion and people development. Twelfth overall and second in Italy in the 2020 edition, Hera furthermore ranked once again as the world’s leading multi-utility. The Hera Group continues to rise in Refinitiv’s international ranking, the “Diversity & Inclusion Index”, a reference point for investors who look with interest towards the businesses committed to promoting diversity, inclusion and people development. Twelfth overall and second in Italy in the 2020 edition, Hera furthermore ranked once again as the world’s leading multi-utility. This year as well, the “Diversity & Inclusion Index” confirms the Group’s presence among the world’s 25 most interesting companies for investors inclined towards companies committed to guaranteeing diversity and inclusion. It is now well-known internationally, indeed, that companies adopting policies oriented towards Diversity & Inclusion (D&I) can obtain both economic and social benefits, in terms of sustainability and wellbeing. In the 2020 edition, which examined a broader range of listed companies coming to over 9,000 worldwide, Hera’s score of 77 points made it the second company in Italy and 12th in the world, further improving its position (after ranking 14th in 2019). The Group was furthermore confirmed as the leading multi-utility globally. The “Diversity & Inclusion Index” was conceived and is carried out by the international financial information giant Refinitiv (formerly Thomson Reuters), which analyses corporate performance based on a range of ESG (environmental, social and governance) factors. It mainly focuses on four areas: diversity, inclusion, people development and controversies published in the media. This is one of the world’s foremost initiatives in data collection and analysis concerning the commitment shown by companies towards these issues. This result comes only a few weeks after Hera stock, already listed on the FTSE MIB as of March 2019, was included in the FTSE4Good, an important set of ethical indexes created to encourage investment in companies that meet rigorous criteria in the environmental, social and governance area. These recognitions prove that our company’s attention towards these issues have made it a pioneer, nationally and internationally. As early as 2009, indeed, our multi-utility signed the Charter for equal opportunity and equality on the workplace, and in 2011 it introduced a Diversity Manager who, supported by a team of employees coming from various areas and companies belonging to the Group, is responsible for planning projects that reflect the company’s policy in valorising diversity, equal opportunity and equality on the workplace. The centre of the Hera Group’s personnel policy is unquestionably its corporate welfare plan, which supports employees and their families, dedicating 4.5 million euro overall in services requested in 2019 alone. Our multi-utility, furthermore, has always invested in developing personalised internal career paths. The percentage of women covering roles of responsibility increased in 2019, coming to 33%, as did the amount of female personnel, reaching 26.6%, well above the national sector average. Equal opportunity is accompanied by a significant amount of training, which 99.4% of workers received in 2019 (roughly 30 hours per capita on average, in this case as well higher than the sector average). Nor can we forget the use of innovative methodologies, such as Diversity@work, conceived to raise awareness among the company’s entire workforce as to a diverse and inclusive environment. “Our commitment towards promoting our employees’ wellbeing and development is one of the cornerstones of our corporate policy”, remarks Tomaso Tommasi di Vignano, Executive Chairman of the Hera Group. “This is why ranking, once again, among the world’s best companies in Diversity & Inclusion drives us to do even better. We will continue to make efforts to put these values at the centre of the paths conceived for the workers engaged in all our activities, convinced that encouraging an inclusive internal culture will also lead to benefits for the over 4 million citizens we serve every day.” 2020-06-18 15:29:00 0G4A1631.1398693050 (1).jpg

2020-09-03 Bologna, 03 September 2020 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital as at 31 August 2020. UPDATED SITUATION PREVIOUS SITUATION Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total, of which: 1,489,538,745 2,243,338,785 1,489,538,745 2,243,638,785 Ordinary shares (regular dividend rights: 01.01.2020) - cod. ISIN IT0001250932 Current coupon: n. 19 735,738,705 735,738,705 735,438,705 735,438,705 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2020) - cod. ISIN IT0005159972 Current coupon: n. 19 753,800,040 1,507,600,080 754,100,040 1,508,200,080 20200903_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1599147462.pdf 2020-07-02 15:29:00 Comunicato stampa piloni_110x150.1461840758.png

2020-08-05 Bologna, 05 August 2020 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital as at 31 July 2020. UPDATED SITUATION PREVIOUS SITUATION Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total, of which: 1,489,538,745 2,243,638,785 1,489,538,745 2,245,438,785 Ordinary shares (regular dividend rights: 01.01.2020) - cod. ISIN IT0001250932 Current coupon: n. 19 735,438,705 735,438,705 733,638,705 733,638,705 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2020) - cod. ISIN IT0005159972 Current coupon: n. 19 754,100,040 1,508,200,080 755,900,040 1,511,800,080 20200805_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1596615871.pdf 2020-07-02 09:13:00 Comunicato stampa piloni_110x150.1461840758.png

2020-07-29 1H 2020 Although feeling the impact of the Coronavirus emergency, the half-year report shows operating-financial indicators rising, thanks to increased efficiency achieved in the Group's various business areas and the recently enlarged scope of operations. Financial highlights Revenues at 3,402.3 million euro (+0.9%) Ebitda at 559.7 million (+2.5%) Net profit at 174.9 million (+0.6%) Net financial position improves to 3,083.6 million Operating highlights Good contribution coming from both internal growth and the recently enlarged scope of operations, which more than offset the negative effects of the nationwide emergency Further activities introduced to support all stakeholders Solid customer base in energy sectors, with customers increasing sharply to 3.3 million thanks to the recent Ascopiave partnership Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated operating results for the first half of 2020. The positive trend shown by our multi-utility was confirmed, with main operating-financial indicators improving, in spite of a few inevitable negative impacts caused by the health emergency that broke out across the country. In general, the good results reached confirm once again the Group's valid business model, which balances regulated and free-market activities, along with internal and external growth, creating value for the areas served. Relying on its own financial solidity, Hera continued to proactively introduce, in the second quarter as well, a range of measures aimed at guaranteeing service continuity even while the emergency was still fully underway. Furthermore, support and protection were ensured for all main stakeholders, first and foremost employees, suppliers and customers, through means including favourable conditions for bill payments. Among the major changes in the Group's scope of operations compared to the first half of 2019, note the acquisition in July of the waste treatment plants belonging to Pistoia Ambiente in Tuscany and, in December, the closing of the partnership between Hera and Ascopiave. This latter transaction led, through EstEnergy, to the birth of the largest energy operator in North-Eastern Italy while at the same time redistributing the respective activities in gas distribution. In recent weeks, lastly, Hera stock was included in the FTSE4Good Index Series, a set of ethical indices conceived by FTSE Russell to bring together the best companies who, around the world, are actively committed to sustainable development. This important recognition came just over one year after Hera was listed on the FTSE MIB. Revenues rise to over 3.4 billion euro In the first half of 2020, revenues amounted to 3,402.3 million euro, up 30.7 million (+0.9%) over the 3,371.6 million seen in the same period of 2019. This growth was mainly due to the changes in the scope of operations, which offset the fall in revenues for trading, production and sales of electricity and gas, heat management and district heating. Revenues also fell in the waste management sector, owing to lower revenues in electricity generation and lower volumes of waste treated. Ebitda increases to 559.7 million euro Ebitda settled at 559.7 million euro, up 13.8 million (+2.5%) compared to the 545.9 million seen at 30 June 2019. In the first half of the year, the health emergency impacted all business areas, bringing about an overall decrease in margins coming to roughly 30 million euro, entirely due to non-recurring effects and in line with the projections communicated in late March, when the year-end report was approved. In spite of this, the changes in the scope of operations, especially the entry of the companies belonging to the EstEnergy Group following the partnership with Ascopiave, along with the numerous measures introduced to enhance efficiency, allowed Hera to offset the negative effects and keep growing, above all in the energy areas. Operating result grows to 295.7 million euro The operating result rose to 295.7 million euro, up 6.8 million (+2.4%) over the 288.9 million seen in the same period of 2019. Financial operations came to 56.2 million euro at 30 June 2020, changing by 11.3 million mainly due to the higher notional charges created by the put option concerning the shares held by Ascopiave and lower profits coming from joint ventures, largely owing to the consolidation of EstEnergy. This result was offset by an equal amount coming from improved debt management, with a reduction in the average medium and medium-long term interest rate. Pre-tax profits settled at 239.5 million euro, down slightly compared to the 244.0 million euro seen in the first half of 2019. Net profit rises to 174.9 million euro Profits at 30 June 2020 came to 174.9 million, up slightly (+0.6%) compared to the 173.9 million seen at 30 June 2019, while profits pertaining to Group shareholders amounted to 166.2 million euro, in line with the same period in the previous year. These results benefitted from a tax rate coming to 27%, a clear improvement with respect to the 28.7% recorded in the first half of 2019, thanks in particular to the Group's efforts in sustaining significant investments supporting a technological, digital and environmental transformation, in addition to the positive effects of the measures introduced by the government in the Relaunch Decree. Over 240 million invested, improvement in financial position In the first six months of 2020, the Group's overall investments amounted to 240.6 million euro, up 16.2% compared to the 207.0 million recorded at 30 June 2019. Operating investments mainly concerned interventions on plants, networks and infrastructures, in addition to investments involved in an intensive meter substitution and in the purification and sewerage area. Total investments also included financial investments coming to 45.5 million. The Group's net financial position, which reached 3,083.6 million euro at 30 June 2020, showed a 190 million (5.8%) decrease compared to the 3,274.2 million seen at 31 December 2019. This was due to a positive cash generation that entirely financed investments and M&A transactions, and that would also have been able to cover the annual dividend payment, which was postponed by a few weeks simply as a precautionary measure and regularly paid on 8 July. The Group's financial solidity was confirmed by the ROE and ROI profitability indices, which respectively came to 10% and 9%, and by the Net debt/Ebitda ratio, which settled at 2.81x in the first half of 2020, improving compared to the 3.02x recorded at the end of 2019. The Net debt/Ebitda ratio, not considering changes in the scope of operations and thus excluding the value of the put option for EstEnergy, improved to 2.35x, compared to the 2.55x seen for the same period one year earlier. Gas area Ebitda for the gas area - which includes services in natural gas distribution and sales, district heating and heat management - amounted to 200.8 million euro in the first half of 2020, improving compared to the 195.6 million seen at 30 June 2019 (+2.7%). This was mainly due to the entry of the new companies belonging to the EstEnergy Group and AmgasBlu, as well as the four portions of last resort services and two portions of default services awarded. The increase offset the lower volumes of gas sold and the lower margins in district heating and heat management, caused by the mild temperatures seen in the first half of 2020 and the negative effects coming from the Coronavirus emergency. Furthermore, distribution activities recorded the first effects of the revised tariffs introduced by Arera, effective as of 1 January 2020, which brought about a significant reduction in recognised operating costs and a fall in Wacc. The recent partnership with Ascopiave was also decisive in increasing the customer base, which rose by roughly 560 thousand (+38%), bringing gas customers to over 2 million. The gas area accounted for 35.9% of Group Ebitda. Water cycle area Ebitda for the integrated water cycle area - which includes aqueduct, purification and sewerage services - went from 122.8 million euro in the first half of 2019 to 122.7 million at 30 June 2020. Due to the negative effects of the Coronavirus emergency, new connections, customers requests and subcontracted works fell, but were largely offset by the efficiency enhancement measures introduced by the Group. The integrated water cycle area accounted for 21.9% of Group Ebitda. Waste management area Ebitda for the waste management area - which includes waste collection, treatment and disposal services -settled at 122.4 million euro in the first half of 2020, dropping slightly (-3.1%) compared to the 126.3 recorded at 30 June 2019, mainly due to the end of incentives for the Ferrara WTE plant and the negative impact of the Coronavirus emergency, which led most businesses to be closed, causing a fall in the production of waste, above all urban waste. These negative effects were partially offset by the positive trend in prices for special waste, whose volumes remained essentially unchanged in spite of the lockdown, even though they showed a different mix. In this particular context, the Hera Group indeed proved able to react swiftly, making its professional services available to the communities found in the areas served and to its own customers, to overcome the emergency together. All waste treatment plants remained operational and at the service of business customers who continued to produce essential goods, and continuing work was also done on initiatives concerning a circular economy, such as the beginning of the authorisation procedures required to create a second plant producing biomethane from the organic portion of waste, in the Ravenna area. Sorted waste settled at 64.4%, increasing slightly compared to the 63.4% seen in the first half of 2019. The waste management area accounted for 21.9% of Group Ebitda. Electricity area Ebitda for the electricity area - which includes services in electricity generation, distribution and sales - rose to 97.0 million euro in the first half of 2020, compared to the 86.3 million seen at 30 June 2019, with a 12.3% increase. Despite the negative effects of the health emergency, as with the gas area, this growth was mainly due to the changes in the scope of operations following the Ascopiave partnership, but the positive margins in electricity generation also partially contributed, especially as regards dispatching services. Customers increased by 160.4 thousand (+14%) over 30 June 2019, now reaching slightly over 1.3 million. This growth in the customer base was seen on the free market, due to the entry within the consolidated scope of operations of the companies belonging to the EstEnergy Group and AmgasBlu, and to reinforced marketing initiatives, which thus proved able to more than offset the drop seen in safeguarded and protected customers. The electricity area accounted for 17.3% of Group Ebitda. Statement by Executive Chairman Tomaso Tommasi di Vignano "We are satisfied with our ability to protect these half-year results from the negative impact of the Coronavirus emergency. Continuing efforts will be made in pursuing growth during the second half of the year as well, in line with the targets set out in our Business plan, hoping that the external context also moves in the direction of a complete recovery. Our solid growth levers (internal growth and M&As) have allowed us to continue creating value for our shareholders, by paying more than 160 million euro in overall dividends in early July, entirely covered by the cash generation achieved over the period". Statement by CEO Stefano Venier "Thanks to the numerous initiatives introduced and our growth strategy, we have succeeded in containing the negative financial impact of the Coronavirus emergency within the limit foreseen, at the same time confirming our profitability and financial solidity, as witnessed by the positive figures in the income statement and the decreased net financial position. In addition to meeting our commitments with shareholders and providing continuity in all main services, producing positive effects for our network of service suppliers as well, this solidity allowed us to sustain our stakeholders experiencing difficulty, including customers and suppliers, confirming our close relations with local communities". The manager responsible for drafting the company's accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The half-year financial report and related materials will be available to the public pursuant to the terms established by law at Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it ). Unaudited extracts from the Abbreviated Consolidated Half-Year Financial Statements at 30 June 2020 are attached. PROFIT & LOSS (MLN €) 30/06/2020 INC. % 30/06/2019 INC. % VAR. ASS. VAR.% Sales 3,402.3 3,371.6 +30.7 +0,9% Other operating revenues 222.6 6.5% 249.0 7.4% (26.4) (10.6%) Raw material (1,605.1) (47.2%) (1,699.2) (50.4%) (94.1) (5.5%) Services costs (1,151.0) (33.8%) (1,075.1) (31.9%) +75.9 +7.1% Other operating expenses (32.5) (1.0%) (29.8) (0.9%) +2.7 +9.1% Personnel costs (290.9) (8.5%) (286.6) (8.5%) +4.3 +1.5% Capitalisations 14.3 0.4% 16.0 0.5% (1.7) (10.6%) Ebitda 559.7 16.5% 545.9 16.2% +13.8 +2.5% Depreciation and provisions (264.0) (7.8%) (257.0) (7.6%) +7.0 +2.7% Ebit 295.7 8.7% 288.9 8.6% +6.8 +2.4% Financial inc./(exp.) (56.2) (1.7%) (44.9) (1.3%) +11.3 +25.1% Pre tax profit 239.5 7.0% 244.0 7.2% (4.5) (1.8%) Tax (64.6) (1.9%) (70.1) (2.1%) (5.5) (7.9%) Net profit 174.9 5.1% 173.9 5.2% +1.0 +0.6% Attributable to: Shareholders of the Parent Company 166.2 4.9% 166.2 4.9% +0.0 +0.0% Minority shareholders 8.7 0.3% 7.7 0.2% +1.0 +13.1% BALANCE SHEET (MLN €) 30/06/2020 INC.% 31/12/2019 INC.% VAR. ASS. VAR.% Net fixed assets 6,893.2 113.3% 6,846.3 108.9% +46.9 +0.7% Working capital (172.3) (2.8%) 87.0 1.4% (259.3) (298.0%) (Provisions) (638.7) (10.5%) (649.1) (10.3%) +10.4 (1.6%) Net invested capital 6,082.2 100.0% 6,284.2 100.0% (202.0) (3.2%) Net equity 2,998.6 49.3% 3,010.0 47.9% (11.4) (0.4%) Long term net financial debt 3,370.1 55.4% 3,383.4 53.8% (13.3) (0.4%) Short term net financial debt (286.5) (4.7%) (109.2) (1.7%) (177.3) +162.4% Net financial debts 3,083.6 50.7% 3,274.2 52.1% (190.6) (5.8%) Net invested capital 6,082.2 100.0% 6,284.2 100.0% (202.0) (3.2%) 1H 2020 Analyst presentation 1H2020.pdf 2020-05-11 14:02:00 Press release be_110x150.1584956497.png

2020-07-15 Integrated Governance Index 2020 - Top10 For the third consecutive year, the Group ranked first in the inquiry on integrating ESG factors within corporate finance. After pioneering this field by issuing Italy's first green bond and the first sustainable revolving line of credit, Hera has continued to place sustainability at the root of its strategies 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Sustainability, the centre of the Group's strategy Financial communities and investors, above and beyond considering a company's results, are increasingly looking into why and how these results are reached. This means that today, all businesses are required to integrate ESG factors into their strategic planning. This fundamental aspect has always set the Hera Group apart: sustainability is indeed a cornerstone of its financial and business strategies, with reference going above all to the UN's 2030 Agenda. The Group's financial tools as well, therefore, are in line with this vision. Hera made this a priority quite soon, interpreting the changes underway and providing itself with innovative models that have allowed it to take on a pioneering role in this sector and be attractive and competitive on the market. The Group was in fact the first company in Italy to issue a green bond, as early as 2014, with a similar bond issued in 2019. Two years ago, furthermore, Hera launched its first sustainable revolving line of credit, introducing a bonus mechanism for reaching specific environmental, social and governance (ESG) goals. The latter include, for example, further reducing the carbon footprint for energy production, reaching new targets in energy efficiency and improving sorted waste. Moreover, the Hera Group provides public utility services for 4.4 million citizens: creating shared value and positive side-effects for the communities served is a duty and a priority. This is one of the reasons why, for some years now, the Group has decided to measure and publicly release, in its annual sustainability report, the portion of its Ebitda that derives from activities that meet the sustainability goals set out in the UN's 2030 Agenda. This "shared value" Ebitda rose to 422.5 million in 2019, coming to 39% of total Ebitda, with a new target set at 42% for 2023, as defined in the Business plan. The Integrated Governance Index The Integrated Governance Index (IGI) is the only project that quantitatively measures the degree to which ESG factors are integrated into a company's management model (integrated governance). Developed by ETicaNews, with the scientific and legal support of associations and specialised advisors, this year marks the Index's fifth edition. In 2020, the businesses invited by IGI to participate included the top 100 listed companies in Italy, businesses that publish a non-financial statement and the country's top 50 non-listed companies, setting a record for the number of companies analysed. Integrated Governance Index 2020 - Top10 20200715_IGI_2020_eng.1594808925.pdf 2020-07-15 destra 11:45:00 Integrated Governance Index 2020: Hera di nuovo sul podio per la finanza sostenibile

2020-07-06 After being included in the FTSE MIB in March 2019, Hera stock is now listed on this important series of ethical indexes created by FTSE Russell to encourage investment in companies that meet strict environmental, social and governance criteria. Hera now part of the FTSE4Good Index Series, in recognition of the Group's attention towards sustainability After being included in the FTSE MIB in March 2019, Hera stock is now listed on this important series of ethical indexes created by FTSE Russell to encourage investment in companies that meet strict environmental, social and governance criteria. Hera is now part of the FTSE4Good Index Series, a series of ethical indexes conceived by FTSE Russell to bring together the most outstanding companies that, across the world, show active commitment towards sustainable development. Hera's efforts in the area of sustainability, which have always marked its way of doing business, have thus received significant recognition once again, just over one year after the Hera was included in the FTSE MIB, the Borsa Italiana stock index that brings together the 40 largest companies on Piazza Affari. Alongside industrial growth, moreover, circular economy and risk management are the main directives around which Hera's latest business plan was conceived and drafted. Within 2023, the plan expects the amount of shared value Ebitda to increase to 530 million euro, reaching 42% of overall Ebitda. Additionally, investments - set at 2.9 billion euro over the time covered by the plan - concern above all networks and infrastructures, confirming the Group's particular attention towards their resilience to climate change issues, as well as innovation and the quality of the services offered to local areas. The FTSE4Good, created by FTSE Russell to encourage investment in companies that meet globally recognised standards in the area of social responsibility, constitutes an important reference point for creating benchmarks and ethical portfolios. Companies included in the FTSE4Good Index meet strict environmental, social and governance criteria and are therefore potentially better placed to capitalise on the benefits deriving from responsible business conduct. Hera_now_part_of_FTSE4Good_ENG.1594040723.pdf 2020-07-06 13:17:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2020-07-02 Communication of the overall amount of voting rights Bologna, 02 July 2020 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital as at 30 June 2020. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total, of which: 1,489,538,745 2,245,438,785 1,489,538,745 2,251,438,785 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 733,638,705 733,638,705 727,638,705 727,638,705 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 755,900,040 1,511,800,080 761,900,040 1,523,800,080 20200702_Hera_Communication_of_the_overall_amount_of_voting_rights.1593706573.pdf 2020-07-02 16:14:00 Integrated Governance Index 2020: Hera di nuovo sul podio per la finanza sostenibile

2020-06-18 Today, Hera acquired 4,688,231 Ascopiave shares from A2A, equivalent to 2% of the share capital, for a price set at 3.905 euro per share and a total of roughly 18.3 million euro. Today, Hera acquired 4,688,231 Ascopiave shares from A2A, equivalent to 2% of the share capital, for a price set at 3.905 euro per share and a total of roughly 18.3 million euro. The shareholding acquired, which arose out of a market opportunity, follows up on the similar transaction seen on 31 January 2020. In the present case as well, it was carried out jointly with Asco Holding, in order to reinforce the previously existing partnership with EstEnergy. 2020-06-18 12:51:00

2020-06-18 Today, Hera acquired 4,688,231 Ascopiave shares from A2A, equivalent to 2% of the share capital, for a price set at 3.905 euro per share and a total of roughly 18.3 million euro. Hera acquires an additional 2% of Ascopiave share capital Today, Hera acquired 4,688,231 Ascopiave shares from A2A, equivalent to 2% of the share capital, for a price set at 3.905 euro per share and a total of roughly 18.3 million euro. The shareholding acquired, which arose out of a market opportunity, follows up on the similar transaction seen on 31 January 2020. In the present case as well, it was carried out jointly with Asco Holding, in order to reinforce the previously existing partnership with EstEnergy. 20200618_press_release_Ascopiave_shares_ENG.1592478772.pdf 2020-06-18 12:51:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2020-05-13 In a meeting held today, Hera S.p.A.'s Board of Directors assessed the independence of its own members, appointed by the Shareholders Meeting convened for 29 April 2020. Based on statements provided by the Directors and the information available to the Company, all directors, with the exception of the Chairman and the CEO, proved to possess the independence requisites specified by principle 3.C.1 of the Code of Conduct and by article 148 paragraph 3 of Legislative Decree 58/1998. Furthermore, note that the Board of Statutory Auditors, in compliance with Art. 8.C.1 of the Code of Conduct, has verified that all its members possess the independence requisites and has communicated the results of these verifications to the Board of Directors. The members of the Internal Committees were moreover appointed: For the "Executive Committee", Tomaso Tommasi di Vignano, acting as Chairman, Gabriele Giacobazzi, acting as Vice Chairman, Stefano Venier and Alessandro Melcarne were appointed; For the "Remuneration Committee", Gabriele Giacobazzi, acting as Chairman, Monica Mondardini, Fabio Bacchilega and Alice Vatta were appointed; For the "Control and Risk Committee" (which also corresponds to the Committee for Operations with Related Parties), Gabriele Giacobazzi, acting as President, Erwin Paul Walter Rauhe, Lorenzo Minganti and Paola Gina Maria Schwizer were appointed; For the "Ethics and Sustainability Committee", Federica Seganti, acting as Chairman, Filippo Maria Bocchi, Cristiana Rogate and Alice Vatta were appointed. 20200513_cs_nomina_comitati_interni_e_indipendenza_amministratori_e_sindaci_ENG.1589376151.pdf 2020-05-13 14:49:13 Hera Spa

2020-05-08 Kindly note that as of today the minutes of the Shareholders Meeting held on 29 April 2020, as well as the articles of association containing the amendments approved by the Shareholders' Meeting, are available at company headquarters, on the Hera Group's website (https://eng.gruppohera.it/group/), in the section dedicated to Corporate Governance, and on the authorised storage website 1INFO. We also inform that the aforementioned minutes was registered with the Companies' Register of Bologna on 6 May 2020. Copia_di_20200508_pubblicazione_verbale_Assemblea_e_Statuto_ENG.1588928380.pdf 2019-03-28 11:17:00 Integrated Governance Index 2020: Hera di nuovo sul podio per la finanza sostenibile

2020-05-07 The focus of the 2019 Sustainability Report goes to the areas served and the creation of shared value. The Group thus confirms its efforts in responding to today's environmental and socio-economic challenges. Numerous activities introduced this year as well to protect and sustain stakeholders. Hera Group: over 2 billion distributed to local stakeholders The focus of the 2019 Sustainability Report goes to the areas served and the creation of shared value. The Group thus confirms its efforts in responding to today's environmental and socio-economic challenges. Numerous activities introduced this year as well to protect and sustain stakeholders. The Hera Group's 2019 Sustainability Report, which contains economic, social and environmental responsibility data, including a focus on the commitments made, the results achieved and future prospects, is now available on the dedicated webpage.This year, the Group's responsibility comes through even more clearly, given that the Report was drafted during a highly particular moment, during the national health emergency, which saw Hera make the utmost efforts in guaranteeing service continuity, as well as protecting and ensuring the safety of employees, customers and stakeholders in general. The primary emphasis went once again to creating shared value, which refers to Hera's ability to meet the needs of the areas served and rise to the challenges involved in moving towards sustainability. In so doing, an account was given of the amount of Ebitda deriving from the Group's activities that respond to the priorities established by the UN Agenda, in three areas in particular: smart use of energy, efficient use of resources and innovation and contribution to development. Confirmation of the Group's strategic approach: "shared value" Ebitda grows by 13% In 2019, "shared value" Ebitda came to 422.5 million euro, up 13% over the previous year and now equivalent to 39% of total Ebitda. This percentage fully respects the targets set out in the business plan, which expects "shared value" Ebitda to reach 42% in 2023. This indicator measures the progress made towards sustainability, and 20% of variable remuneration for the Group's top management depends on it. As of this year, it is also subjected to verification by an external firm. Over 2 billion euro distributed to stakeholders in local areas The Hera Group's significant role in the socio-economic fabric in which it operates was confirmed. In the areas served, the overall value distributed to workers, shareholders, suppliers, public administrations and local communities rose to 2,131 million, of which 695 million euro went to local suppliers (+10% over the previous year), with an impact on employment coming to roughly 8,400 people. As regards job stability, 96.6% of employees had open-ended contractsin 2019 and 537 new workers were hired. Innovation and sustainable development of local areas: 78 million in investments Investments in innovation amounted to roughly 78 million euro, mainly concentrated on smart cities, circular economy, utility 4.0 and customer experience. In 2019, furthermore, continued efforts were made in developing digital channels for customer relations: downloads of the app My Hera, dedicated to residential customers, more than doubled compared to 2018, reaching 230 thousand. As regards air protection, positive results were seen once again in the emissions of the Group's waste-to-energy plants, which in 2019 as well were 86% lower on average than legal requirements. Furthermore, in the area of soil protection, note that soil reuse in projects implemented by Hera over the year came to 77% of the total. Smart use of energy: Hera reduces its own consumption by 5.1% As regards a smart use of energy, the fields in which the Group's action is focused mainly concern reducing its own energy consumption and that of its customers, in addition to promoting renewable energies and decarbonisation. Internally speaking, the efforts made towards energy efficiency increased in 2019 as well, leading to a 5.1% reduction in the energy consumed in its own activities compared to 2013 (the equivalent of over 11,700 tons of oil equivalent). The target of 5% by 2020 was thus surpassed, one year in advance. Residential and business customers, on the other hand, can rely on a range of offers with solutions in energy efficiency (with 20% of customers taking advantage of them as of the end of 2019), to which the Consumption Log was added in 2019, a free report aimed at raising awareness on energy savings, newly planned in a collaboration with the Milan Polytechnic. In 2019, the Hera Zero Footprint offer was also launched, aimed at decarbonisation. Not only is this offer based on 100% renewable electricity, it also guarantees that the greenhouse gas emissions caused by natural gas consumption will be compensated by carbon credit acquisitions. Within the Hera Group, to reduce the impact of its own activities on the climate, renewable electricity has been used for some time to fuel the operating activities of the Group's main companies over the various areas served. Furthermore, thanks to the S. Agata Bolognese (BO) plant, in 2019 the Group produced 6.5 million cubic metres of biomethane from organic waste. Efficient use of resources: European goals for 2035 already met As regards resource efficiency, the Group further increased sorted waste in 2019, reaching 64.6% in an area served with 3.2 million inhabitants, located in 187 municipalities across five regions. At the same time, the use of landfills dropped once again, settling at 3.4%, against the Italian average of 24% in 2018 (latest data available), reaching and surpassing, almost 20 years ahead of time, the European Union's goal - which considers this to be the last form of waste disposal to be used - set at 10% by 2035. Once again concerning a circular economy, note the increase in recovery of materials and energy in Herambiente's selector plants, coming to 83% in 2019 (77% in 2018). Last year also saw the introduction of important initiatives regarding circularity in other areas, including the Group's water management project, which allowed it to reduce its own water consumption by 5.5%; the distribution of the Consumption Log to a selection of roughly 80 thousand water service residential customers, with the aim of improving their behaviour; and the circular procurement project that aims at introducing the principles of a circular economy into acquisition processes. Numerous initiatives benefitting stakeholders during the Coronavirus emergency Precisely because sustainability and shared value creation are the fundamental levers of the company's strategy, numerous activities were deployed by the Hera Group this year as well, during the health emergency that struck the country, to protect and sustain all stakeholders. These include measures aimed at ensuring health and safety for Group employees, eased terms for customers (families and businesses) in paying bills, and the suspension of service interruption for customers in arrears. It must also be mentioned that the full service continuity offered by Hera guaranteed concrete and stable support for the entire supply and demand chain. Lastly, in order to remain close to the subjects most directly involved, at the forefront in managing the crisis and its social effects, Hera introduced various initiatives in fundraising and donations, with the involvement of employees and customers as well. 20200507_2019_Sustainability_Report_ENG.1590053821.pdf 2020-05-21 11:28:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2020-04-29 The Group continues along its path of growth, creating value for shareholders and local areas. Continuity in governance, with the new Board of Directors confirming Tomaso Tommasi di Vignano as Executive Chairman and Stefano Venier as CEO. The ordinary and extraordinary sessions of the Hera Shareholders Meeting were held in Bologna this morning. Following the resolutions approved, the Meeting appointed the members of the Board of Directors and the Board of Statutory Auditors for the next three years. Furthermore, the 2019 financial statements were approved, as was the ensuing payment of a dividend coming to 10 cents per share. Financial statements approved, with strong growth in results In the ordinary session, the Meeting approved the 2019 financial statements, whose results showed further improvement over the previous year, more than offsetting the significant impact of another partial reduction in incentives for waste to energy plants and lower margins from safeguarded customers. The partnership with Ascopiave, which was finalised in December 2019 and led to the creation of the main energy operator in North-Eastern Italy, will contribute to results as of the beginning of the current year. In particular, 2019 closed with revenues reaching 7,443.6 million euro (+12.3%), Ebitda at 1,085.1 million (+5.2%) and net profits for Shareholders coming to 385.7 million (+36.8%). The Group's path of growth, 17 years after its establishment, continues to balance regulated and free market activities and internal and external growth, achieving significant economies of scale and increasing synergies, thanks to a multi-business approach which over time has proven to be a winning strategy for Hera, now Italy's leading multi-utility by capitalisation. Go-ahead given to a 10 cent/share dividend payment The Meeting thus approved the Board of Directors' proposal to pay a 10 cent/share dividend, reflecting the intention previously announced in the Business plan. The coupon date has been set at 6 July 2020, with payment as of 8 July 2020. The overall 2019 return for Shareholders thus came to 50%, owing to the annual dividend approved and the increase in the value of Hera stock during 2019, sustained by results exceeding expectations and its inclusion in the FTSE MIB index. Further confirmation was thus given to the Group's commitment towards creating value for allstakeholders, with the Business plan calling for a transparent dividend policy, increasing to 12 cents in 2023. The sustainability report: shared value Ebitda at 422.5 million The 2019 sustainability report was also presented during the Meeting. This document shows that the Group's improvement in operating-financial results is accompanied by an increased creation of shared value and positive effects for the areas served, in the interests of local communities and, more generally, all stakeholders, in line with the United Nations' Global Goals. In particular, in 2019 the Hera Group's shared value Ebitda came to 422.5 million euro, accounting for 39% of overall Ebitda (+13% over the 375.2 million seen the previous year). This result perfectly reflects the projections included in the Business plan, which expects this figure to reach 42% in 2023. Appointment of the Board of Directors Furthermore, the members of the Board of Directors were chosen for the next three years (until the Shareholders Meeting called to approve the 2022 financial statements). The results of the vote led the following to be appointed: Majority list (representing Hera's public shareholders agreement): Tomaso Tommasi di Vignano, Stefano Venier, and the independent directors Gabriele Giacobazzi, Monica Mondardini, Fabio Bacchilega, Danilo Manfredi, Lorenzo Minganti, Manuela Cecilia Rescazzi, Marina Vignola, Alessandro Melcarne and Federica Seganti. Minority list: the independent directors Erwin Paul Walter Rauhe, Paola Gina Maria Schwizer, Alice Vatta, Bruno Tani. The CVs of the new directors are available on the webpage: http://www.gruppohera.it/gruppo/corporate_governance/assemblee/ Appointment of the Board of Statutory Auditors As regards the Board of Statutory Auditors, the following were appointed: Majority list (representing Hera's public shareholders agreement): Marianna Girolomini, Antonio Gaiani (standing auditors), Valeria Bortolotti (alternate auditor). Minority list: Myriam Amato (Chairman), Stefano Gnocchi (alternate auditor). The CVs of the new auditors are available on the webpage: http://www.gruppohera.it/gruppo/corporate_governance/assemblee/ Presence of women in the BoD and the Board of Statutory Auditors The composition of the corporate governance bodies fully respects the content of Law no. 160, 27 December 2019, effective as of 1 January 2020. Replacing the previous Law no. 120 (2011), this law raised the percentage of members from at least one third to two fifths as regards both administration and control bodies, and increased the period in which the new criterion for subdivision is valid to six consecutive mandates. The number of women in the Board of Directors comes to 6 members out of 15, and in the Board of Statutory Auditors comes to 1 standing auditor out of 3. As regards the Board of Statutory Auditors, Communication Consob no. 1 of 30 January 2020 clarified, in fact, that in appointing control bodies made up of three standing auditors, the amount required is to be rounded down to the nearest whole number. The other resolutions approved The Meeting also renewed authorisation for the Board of Directors to purchase treasury shares (along with the ways in which they may be used), coming to a maximum amount of 270 million euro over 18 months, while at the same time revoking the previous year's resolution as regards the non-enacted part. This renewed authorisation for the use of treasury shares was requested to pursue the aims permitted by law and market practices, in order to increase the creation of value, within transactions for which new investment opportunities arise, as was the case last year with the merger of Cosea Ambiente and CMV, financed with the treasury shares held. Lastly, the Meeting approved the Report on remuneration and compensation paid, in line with international best practices. Chairman and CEO confirmed The inaugural meeting of Hera's new Board of Directors, appointed during the morning by the Shareholders Meeting, was held in the afternoon in Bologna. This body proceeded to appoint its Chairman, Vice Chairman and CEO. Tomaso Tommasi di Vignano was confirmed as Hera's Chairman, acting as executive administrator. Born in Brescia, he has been at the head of the Hera Group since its creation in 2002, after gaining considerable experience in the telecommunications and utilities sectors. Gabriele Giacobazzi was appointed as Hera's (non-executive) Vice Chairman. Born in Modena, he is the President of Italy's Association of Engineers and adjunct professor at the University of Modena and Reggio Emilia's Faculty of Engineering. The offices he has previously held include President of the Politecnica cooperative, in the planning sector, and he has also chaired the Oice, the National association of planning organisations, affiliated with Confindustria. Stefano Venier was confirmed as CEO. Born in Udine and at Hera since 2004, in the past he held the office of General Director for Development and Market. Previously, Venier covered positions involving increasing responsibility in the Eni Group and within a leading international consulting firm, for which he acted as Vice Chairman for Energy & Utilities from 2002 to 2004. The confirmation of the Executive Chairman and the CEO bears witness to the continuity seen in the Group's governance, which is one of the Hera Group's main strong points. 20200429_Assemblea_Soci_e_nomine_OK_eng.1588170237.pdf 2020-04-29 15:59:00 110_assemblea.1393520601.jpg

2020-04-08 riunione.1501227958.jpg Publication of documents related to the AGM of 27 April 2017 The 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 2020, are available to the public at Group headquarters, in the dedicated section of the company's website (https://eng.gruppohera.it/group/corporate_governance/shareholders_meetings/) and on the authorised storage mechanism1INFO, which can be accessed at www.1Info.it. With the same modalities, the proposed resolutions for items 5 (Determination of remuneration for members of the Board of Directors: related and consequent resolutions) and 7 (Determination of remuneration for members of the Board of Statutory Auditors: related and consequent resolutions) on the Agenda, presented by the majority Public Shareholders, have been made available to the public. 20200408_press_release_publication_of_candidate_lists.1586341765.pdf 2017-04-05 12:29:00 Pubblicazione documentazione inerente l'Assemblea dei Soci del 29 aprile 2020

2020-04-07 Publication of the draft Separate and consolidated financial statements at 31/12/2019 Kindly note that the following documents, approved by the Hera S.p.A. Board of Directors, have been made available to the public at company headquarters, on the website www.gruppohera.it and on the authorised storage platform 1INFO (www.1Info.it): folder containing the draft Separate and consolidated financial statements at 31/12/2019; Sustainability report - consolidated non-financial statement drafted pursuant to decree 254/2016. In the same way, the Hera S.p.A. Board of Directors' Explanatory report for item 2 on the Agenda is also available. 20200407_pubblicazione_bilancio_ENG.1586237417.pdf 2018-04-04 19:20:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2020-04-03 With reference to the Extraordinary and Ordinary Shareholders' Meeting of Hera S.p.A., convened at the registered office in Bologna, Viale C. Berti Pichat no. 2/4, for the day of 29 April 2020 at 10am, at single call, in supplementation of what was already indicated in the Notice of Call published by the Company on 17 March 2020, as well as by virtue of the measures adopted by the competent Authorities aimed at containing, combating and managing the epidemiological emergency caused by the Covid-19 virus, it is noted that, in accordance with Art. 106, paragraph 4 of Italian Decree-Law 17 March 2020, no. 18 ("Decree"), attendance at the Shareholders' Meeting will take place exclusively by the Designated Representative (more specifically Computershare S.p.A.) pursuant to Art. 135-undecies of Italian Legislative Decree no.58 dated 24 February 1998 ("Consolidated Finance Law" - TUF). The aforementioned Designated Representative may also be granted delegations or sub-delegations in accordance with Art. 135-novies of the Consolidated Finance Law, in derogation of Art. 135-undecies, paragraph 4 of that Law. Any physical attendance of the individual shareholders or their delegates, other than the Designated Representative, is therefore precluded. Therefore, each person legitimated to attend at the Shareholders' Meeting must grant a delegation and the respective voting instructions to the Delegated Representative, by completing and signing the specific form, which will be made available, as soon as possible, on the Company's internet website www.gruppohera.it in the section Corporate Governance, Shareholders' Meeting. In light of the foregoing, the methods of granting the delegation to the Designated Representative are indicated below, in partial modification of what is envisaged in the Notice of Call of the Shareholders' Meeting, published on the Company's internet website and disseminated by way of the authorised storage mechanism on 17 March 2020, as well as reported in extract in the newspaper "Il Sole24Ore" on the same date, as follows: Instructions for Granting Delegation and Voting Instructions to the Designated Representative The delegation with voting instructions must be granted, free of charge, by the person entitled to vote, legitimated in the forms of law, to Computershare S.p.A., as Designated Representative, by completing and signing the specific form, which will be made available, as soon as possible, on the Company's internet website www.gruppohera.it in the section Corporate Governance, Shareholders' Meetings or at the Company's registered office, to be sent, by the methods indicated in that form, by the end of the second open market day preceding the date fixed for the Shareholders' Meeting at single call (i.e. by 27 April 2020). The delegation thus granted has effect only for proposals in relation to which the voting instructions have been granted. The delegation and voting instructions are revocable within the same period set out above (namely, by 27 April 2020). No vote by correspondence or by electronic means is permitted. The persons legitimated to attend at the shareholders' meeting (members of the Board of Directors and the Board of Statutory Auditors and the Designated Representative and Secretary) may attend also or exclusively by means of telecommunication which guarantee their identification, as provided by Art. 106, paragraph 2 of the Decree. Resolution proposals by the Shareholders on the items on the agenda In view of the fact that attendance at the Shareholders' Meeting is permitted exclusively by way of the Delegated Representative, to allow the Shareholders to grant complete voting instructions, the persons entitled to vote may formulate to the Company, in writing, resolution and/or voting proposals on the items on the agenda of the Shareholders' Meeting by 13 April 2020 at 3pm by means of certified email sent to heraspa@pec.gruppohera.it. Each resolution proposal must indicate the item on the agenda to which it refers and indicate the specific resolution. Each proponent must communicate its share of investment and indicate the references of the intermediary's communication certifying the legitimacy to attend the shareholders' meeting. The company will publish on its website by 14 April 2020 the resolution proposals formulated by the Shareholders. This is without prejudice to the other information contained in the Notice of Call published on 17 March 2020, to which reference is made. INTEGRAZIONE_all_avviso_di_convocazione_Assemblea_Hera_SpA_29.04.2020_EN.1585837791.pdf 2019-03-28 08:15:00 110x150_heraspa.1475082913.jpg

2020-03-25 Financial results as at 31/12/2019 The Group, included one year ago in the FTSE MIB, closed the year with improvement in all main results, continuing along its path of uninterrupted growth and creating value for shareholders and local areas. Proposed dividends at 10 cents per share, in line with the content of the Business plan. Financial results at 31/12/2019 /group_eng/investor-relations/results-and-presentations/y2019 /documents/1514726/4210686/Financial+results+as+of+31_12_2019.pdf/ca71a0b9-a147-d1af-4660-7e0a8c6f7b6b?t=1629971549137 /documents/1514726/4210686/GruppoHera_FY19_Analyst_presentation.1585141240.pdf/207393c0-65d8-5cf4-d8ee-aa99c4513c29?t=1597849359551 /documents/1514726/4880888/GruppoHera+Y2019+eng.1585218776.mp3/c5a801fa-0307-c97b-3ac2-3fd6ba0c29b2?t=1610038357991 http://investornews.gruppohera.it/en/?n=181 /documents/1514726/4210686/Dati_finanziari_31_12_19_eng.1585130996.xls/19917ed5-b596-4b3f-0409-8a2de7b77c51?t=1597849358948 https://www.slideshare.net/Gruppo_Hera/analyst-presentation-y2019 /group_eng/investor-relations/results-and-presentations/interactive-data HTML Y2019 results Financial results as at 31/12/2019 Analyst presentation: Y2019 results Audioconference: Y2019 results Newsletter: Y2019 results Financial data as at 31 December 2019 Slideshare Y2019 Interactive data Financial highlights Turnover at 7,443.6 million euro (+12.3%) Ebitda at 1,085.1 million euro (+5.2%) Net profits at 402.0 million euro (+35.5%) Net profits for Shareholders at 385.7 million euro (+36.8%) Adjusted net debtat 2,690.8 million euro, while Net debt/Ebitda improves to2.48x excluding the transaction with Ascopiave Proposed dividends at 10 Euro cents per share Operating highlights Good contribution to growth coming from business areas, especially the gas, water and waste management sectors Positive results thanks to both internal and external growth Sharp rise in energy customers, which reach roughly 3.3 million thanks to the partnership with Ascopiave Sorted waste increases to an average of 64.6% across the areas served Improvement in all sustainability indicators, with shared value Ebitda growing to 422.5 million euro (+13%) Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated economic results at 31 December 2019 and theReport on remuneration policies and compensation paid, along with the Sustainability report. 17 years of uninterrupted growth, with improvement in all main operating-financial and sustainabilityindicators The Hera Group closed the 2019 financial year with improved results and Ebitda higher than the figure included in the forecast published in January, a significant achievement made despite the effects of a further partial reduction in incentives for waste-to-energy plants and lower income from safeguarded customers. The partnership with Ascopiave, completed last December and responsible for the creation of the largest energy operator in North-Eastern Italy, will be consolidated in the results for 2020. The Group’s path of development, 17 years after its birth, balances regulated and free-market activities and combines internal and external growth, reaching significant economies of scale and increasing synergies, thanks to a multi-business approach that over time has proven to be a winning strategy for Hera, now Italy’s leading multi-utility by capitalisation. The improvement seen in operating-financial results was accompanied by an increased creation of shared value, which for some time now has measured the progress made by the company toward sustainability.  Turnover above 7.4 billion, up 12.3% The Hera Group’s 2019 turnover rose to 7,443.6 million euro, with an 817.2 million increase (+12.3% compared to the 6,626.4 seen in 2018), thanks in particular to trading and higher volumes of gas and electricity sold, as well as higher revenues for waste treatment. Ebitda grows to 1,085.1 million (+5.2%) Group Ebitda increased to 1,085.1 million euro (+5.2%), up 54 million compared to the 1,031.1 million seen in 2018. This growth was sustained by the Group’s various business activities, with the energy areas rising by 20.1 million overall, mainly thanks to a good performance in the gas area and positive contributions also coming from the water and waste management areas. Operating results and pre-tax profits increase Operating results also rose, reaching 542.5 million euro, with a 32.4 million increase (+6.4% compared to the 510.1 seen in 2018), despite higher operating amortisation for capital expenditures made in developing infrastructures. Pre-tax profits went from 418.5 million euro in 2018 to 442.5 million (+5.7%), up 24 million euro, and financial management increased by 8.3 million. Net profits pertaining to Shareholders increase to 385.7 million euro (+36.8%) Group net profits grew to 402.0 million euro (+35.5%), showing a 105.4 million increase over the 296.6 seen one year earlier. Without considering the non-recurring effects of the transaction with Ascopiave, net profits pre-minorities would amount to 317.1, up 6.9%. The adjusted tax rate, based on pre-tax results net of special items, came to 28.3%, improving compared to the 29.1% recorded at 31 December 2018, thanks in particular to the Group’s commitment towards sustaining capital expenditures for technological, digital and environmental transformation, along the lines of Utility 4.0. Profits pertaining to Shareholders came to 385.7 million euro (+36.8%), with a sharp increase over the 281.9 million seen in 2018. Capital expenditures rise to 533.8 million euro, with Net debt/Ebitda ratio showing further improvement at 2.48 Including capital grants, overall 2019 capital expenditures came to 533.8 million euro, up 15.4% compared to the 462.6 million seen one year earlier. Capital expenditures mainly went towards interventions on plants, networks and infrastructures, in order to guarantee efficiency, safety, resilience and innovation, in addition to regulatory upgrading that primarily concerned gas distribution, with an intensive meter substitution, and the purification and sewerage areas. Net capital expenditures amounted to 509.2 million. Adjusted net debt, excluding the transaction with Ascopiave, settled at 2,690.8 million euro, rising compared to the previous year (2,585.6 million in 2018), mainly as a result of adopting the new accounting standard IFRS 16. An increase in operating cash flow generation allowed higher capital expenditure and higher dividends, in addition to the M&A transactions seen over the year, to be almost entirely covered. Further improvement was seen in the Net debt/Ebitda ratio, which fell to 2.48x (compared to 2.51 in 2018), not including the financial impact of the Ascopiave transaction; including the latter, this indicator came to 3.02x. The Group’s financial solidity is reflected by the opinions expressed by major rating agencies: Baa2 with a Stable outlook from Moody’s and BBB with a Positive outlook from Standard & Poor’s. Further improvement in the Group’s sustainability, shared value Ebitda rises to 39% These positive operating results were matched by the Group’s ever-increasing attention towards sustainability. The Hera Group was among the first to introduce, in 2016, shared value reporting, covering all business activities that in addition to generating Ebitda for the company respect the drivers of sustainable development defined by the UN’s 2030 Agenda and, more generally speaking, various national and international policies. The Hera Group’s 2019 shared value Ebitda amounted to 422.5 million euro, accounting for 39% of overall Ebitda (+13% compared to the 375.2 million seen one year earlier). This result is perfectly in line with the path set out by the Business plan, in which this indicator is projected to reach 42% by 2023, and testifies to the Group’s strong commitment towards the issues involved in sustainability. Proposed dividends at 10 cents per share The Board of Directors, in light of the positive results achieved, has decided to put a dividend of 10 cents per share to the Shareholders Meeting called for 29 April 2020, in line with the previously published content of the Business plan. In agreement with Borsa Italiana, the ex-dividend date has been set at 6 July 2020, with payment as of 8 July 2020. The dividend will be paid to shares recorded on 7 July 2020. Notice of call for the Shareholders Meeting The Shareholders Meeting has been called for 29 April 2020. Considering the current epidemiological emergency caused by COVID-19 and its developments, which cannot be foreseen at the moment, the Company reserves the right, if and when so allowed or required by any possible future legislation and regulations, and within the limits defined therein, to: postpone the date of the Shareholders Meeting and, consequently, the deadlines for exercising the shareholders’ rights indicated in the notice; indicate the specific forms in which Shareholders may participate in the meeting; in any case, adopt all measures and introduce all initiatives deemed necessary or even only appropriate in order to allow the meeting to be held in safe conditions, in accordance with the aforementioned legislation. In this event, the notice of call, as potentially modified, will be communicated to Shareholders and made available to the public in the forms ordinarily foreseen by the law and the Articles of Association, unless otherwise indicated by future developments in legislation. Approval for the Report on remuneration policies and compensation paid The Board of Directors furthermore approved the Report on remuneration policies and compensation paid, in line with international best practices. Gas area Ebitda for the gas area – which includes services in natural gas distribution and sales, district heating and heat management – grew significantly compared to the previous year, in terms of both margins and volumes sold, rising to 341.6 million euro (+7.9%), 25.1 million higher than the 316.5 million seen in 2018. This result was reached mainly thanks to a larger amount of trading and higher sales margins recorded for both final customers and in default market and last-resort supply (FUI) services. For the latter two services, a lower number of customers was awarded for the period from 1 October 2019 to 30 September 2020 compared to the previous year, but with more advantageous margins. The overall number of gas customers increased by almost 600 thousand (+40.8%), reaching a total of 2 million users, mainly due to the transaction with Ascopiave, which brought marketing companies acquired through EstEnergy and Amgas Blu into the Group’s consolidated scope. Net operating capex coming to 138.3 million euro were made in 2019, with a sharp increase over the 115.4 million seen in 2018. This involved both distribution, to guarantee and improve the high quality standards of networks and plants, both with an intensive meter substitution and further work in cathodic protection in the areas served by AcegasApsAmga, and sales, concerning activities involved in acquiring new customers. The contribution of the gas area to Group Ebitda rose to 31.5%. Water cycle area In 2019, the integrated water cycle area – which includes aqueduct, purification and sewerage services – recorded Ebitda amounting to 265.3 million euro, with a 15.6 million euro (+6.2%) increase over the 249.7 seen one year earlier. This growth was mainly due to higher revenues from new connections and distribution, which reflected the tariffs introduced by the Authority for 2016-2019, and the premiums awarded for contract quality. Net operating capex amounted to 151.5 million euro (showing strong growth over the 127.6 recorded in 2018). Including capital grants, capex totalled 175.8 million and were mainly dedicated to extensions, network and plant upgrading and reclamations, including interconnections in the water system, for example in the Modena area, and interventions aimed at creating district-based networks. Work continued on the Rimini seawater protection plan, one of the most important interventions, at the forefront nationwide as regards sewerage and purification, in addition to upgrading the sewerage network in many areas, including those served by the company AcegasApsAmga. The water cycle area accounted for 24.5% of Group Ebitda. Waste management area Ebitda for the waste management area – which includes waste collection, treatment and disposal services – also grew, coming to 264.2 million euro (+4.8%), up 12.2 million over the 252.0 million seen in 2018. The Group further consolidated its position as a national leader in the waste management sector, thanks to outstanding performances in the area of sorted waste, which went from 62.5% in 2018 to 64.6% at the end of 2019, and to roughly ninety advanced plants handling all types of waste (and supporting a circular economy), which represent a fundamental strategic lever, above all considering the country’s lack of plants. This increase in Ebitda was mainly sustained by higher prices for special and industrial waste treatment, the contribution coming from Aliplast and new facilities, such as the waste treatment plant completed in Cordenons (PN) and the innovative biomethane production plant in Sant’Agata Bolognese (BO), both now fully operational. The results also benefitted from the acquisitions of Cosea Ambiente, including the Gaggio Montano (BO) landfill, and Pistoia Ambiente, further reinforcing the basic capacity on which the Group’s set of waste recycling, reuse and regeneration plants can rely. As regards efficiency enhancement, note furthermore the merger of Waste Recycling into Herambiente Servizi Industriali, which is now Italy’s largest industrial waste management company, and Aliplast, which continues to show growth thanks to market development and merger synergies. These positive results were able to more than offset the lower incentives seen for electricity production. Operating capex amounting to 81.5 million euro, up over the previous year, went mainly to plant maintenance and upgrading. The waste management area accounted for 24.3% of Group Ebitda. Electricity area The electricity area – which includes services in electricity production, distribution and sales – recorded an Ebitda coming to 178.5 million, essentially in line with the 183.5 million seen the previous year. This result was mainly due to lower margins in the safeguarded market, which were offset by higher margins in electricity production in the distribution service market, for reasons including the plants in Campania, operational once again, higher volumes sold and lower costs for acquiring energy customers. Electricity customers rose to 1.3 million (+17.2%), up 184.2 thousand, thanks to the entry of EstEnergy and Amgas Blu within the Group’s consolidated scope, in addition to growth on the free market – which contributed with roughly 82 thousand new customers and 60 thousand new contracts for added value services – thanks to reinforced marketing initiatives, in particular in regions of Central Italy. This growth more than offset the fall in safeguarded customers. Operating capex amounting to 43.4 million euro, almost twice as much as the previous year, went mainly to non-recurring maintenance of plants and networks in the Modena, Imola, Trieste and Gorizia areas. An increase was also seen in requests for new connections. The electricity area accounted for 16.4% of Group Ebitda. Statement by Executive Chairman Tomaso Tommasi di Vignano These results demonstrate the merits of Hera’s multi-utility formula which, in a year made difficult by factors including a significant negative impact in the safeguarded customer segment, was able to deploy a wide range of development projects that guaranteed, quarter after quarter, positive growth in all activities. Our expectations were thus outperformed and, at the same time, our track record with 17 years of uninterrupted growth was confirmed, further improving our financial solidity in a year in which unprecedented efforts were seen in capital expenditures. In 2019, furthermore, two fundamental targets included in the business plan to 2022 were reached in advance: the finalised transaction with Ascopiave led the Hera Group to amply meet its objective of 3 million energy customers and, with our enlarged set of waste treatment plants, we were fully able to grasp the positive market trends seen as of 2019. Statement by CEO Stefano Venier The growth achieved with these results confirms the creation of value, as can be deduced by the rates of return on capital, maintained well above its average cost. The progress made by this value shows that it is increasingly shared, respecting 11 out of the 17 fundamental goals defined by the UN. The Group’s risk profile, now more important than ever, continues to be extremely conservative, and has allowed the Group to continue expanding through a transaction, involving Ascopiave, that brought us among the highest-ranking companies in Italy for energy sales, only behind the two ex-incumbent energy groups. These are solid grounds, therefore, on which to rely in difficult moment, such as the one currently witnessed due to COVID-19, with respect to which we were able to activate, in a short period of time, all measures necessary to guarantee that our activities are not interrupted and health protection is provided for our employees and for all our stakeholders, along with proactive assistance for all our customers, whether households or companies. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The financial statement and related materials will be available to the public pursuant to the terms established by law at the Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it ), within 8 April 2020. Unaudited extracts from the Financial Statements at 31 December 2019 are attached. Profit & Loss (m€) 31/12/19 Inc.% 31/12/18 Inc.% Ch. Ch. % Sales 6,912.8 6,134.4 +778.4 +12.7% Other operating revenues 530.8 7.7% 492.0 8.0% +38.8 +7.9% Raw material (3,458.2) (50.0%) (2,984.1) (48.6%) +474.1 +15.9% Services costs (2,318.2) (33.5%) (2,040.5) (33.3%) +277.7 +13.6% Other operating expenses (59.3) (0.9%) (62.5) (1.0%) (3.2) (5.1%) Personnel costs (560.4) (8.1%) (551.4) (9.0%) +9.0 +1.6% Capitalisations 37.6 0.5% 43.3 0.7% (5.7) (13.2%) Ebitda 1,085.1 15.7% 1,031.1 16.8% +54.0 +5.2% Depreciation and provisions (542.6) (7.8%) (521.0) (8.5%) +21.6 +4.1% Ebit 542.5 7.8% 510.1 8.3% +32.4 +6.4% Financial inc./(exp.) (100.0) (1.4%) (91.7) (1.5%) +8.3 +9.1% Pre tax profit 442.5 6.4% 418.5 6.8% +24.0 +5.7% Tax (125.4) (1.8%) (121.9) (2.0%) +3.5 +2.9% Net profit 317.1 4.6% 296.6 4.8% +20.5 +6.9% Special items 84.9 1.2% 0.0 0.0% +84.9 +100.0% Net profit 402.0 5.8% 296.6 4.8% +105.4 +35.5% Attributable to: Shareholders of the Parent Company 385.7 5.6% 281.9 4.6% +103.8 +36.8% Minority shareholders 16.3 0.2% 14.7 0.2% +1.6 +10.9% Balance Sheet (m€) 31/12/19 Inc.% 31/12/18 Inc.% Ch. Ch. % Net fixed assets 6,846.3 108.9% 5,905.1 108.7% +941.2 +15.9% Working capital 87.0 1.4% 115.4 2.1% (28.4) (24.6%) (Provisions) (649.1) (10.3%) (588.2) (10.8%) (60.9) +10.4% Net invested capital 6,284.2 100.0% 5,432.3 100.0% +851.9 +15.7% Net equity 3,010.0 47.9% 2,846.7 52.4% +163.3 +5.7% Long term net financial debt 3,383.4 53.8% 2,558.8 47.1% +824.6 +32.2% Short term net financial debt (109.2) (1.7%) 26.8 0.5% (136.0) (507.5%) Net financial debts 3,274.2 52.1% 2,585.6 47.6% +688.6 +26.6% Net invested capital 6,284.2 100.0% 5,432.3 100.0% +851.9 +15.7% Financial results as at 31/12/2019 Press release results at 31/12/2019 2020-03-23 13:19:00 Financial results at 31/03/2020

2020-03-17 Kindly note that the following documentation, pertaining to the Shareholders Meeting convened for 29 April 2020, is available to the public at the Company headquarters, on the authorised storage website 1INFO (www.1Info.it) and on Hera Group's website (www.gruppohera.it/gruppo/corporate_governance/assemblee/): Hera S.p.A. Board of Directors' Explanatory Report regarding item 1 on the Agenda - Extraordinary session Hera S.p.A. Board of Directors' Explanatory Report regarding item 2 on the Agenda - Extraordinary session Hera S.p.A. Board of Directors' Explanatory Report regarding item 3 on the Agenda - Ordinary session Hera S.p.A. Board of Directors' Explanatory Report regarding item 4, 5, 6, and 7 on the Agenda - Ordinary session 20200317_Publication_of_documents_pertaining_to_the_Shareholders_Meeting_of_29_April_2020.1584430422.pdf 2019-03-28 08:30:00 110x150_heraspa.1475082913.jpg

2020-01-31 Hera acquires 2.5% of Ascopiave's share capital from Amber Hera acquires 2.5% of Ascopiave's share capital from Amber. The shareholding purchase operation, which arose from a market opportunity, was shared with Asco Holding. It further reinforces the partnership launched with the transaction finalised last December and will be followed by a similar transaction by Ascopiave. 20200131_comunicato_azioni_Ascopiave_ENG.1580457419.pdf 2020-01-31 08:51:00 Hera acquires 2.5% of Ascopiave's share capital from Amber

2020-01-30 Tomaso Tommasi di Vignano - Hera's Executive Chairman The Group has been certified for the eleventh consecutive year, rewarding a strategic management that focuses on people and gets them involved in pursuing shared goals. Investments in welfare, training, diversity and innovation continue. The Hera Group is once again a Top Employer "Receiving this certification for the eleventh consecutive year proves that the path we have taken is valid", states Hera's Executive Chairman, Tomaso Tommasi di Vignano. "This does not lead us to believe, however, that it is sufficient. Indeed, we wish to continue dedicating significant resources to our employees, in terms of development, wellbeing and training. We will thus offer them the best working conditions possible, which also means guaranteeing an inclusive and participative workplace. Hera is a constantly growing company, and its results are due to the commitment shown by its employees, who with their daily activities create value in the areas we serve. The path before us leads to the best services for citizens and local communities, and without people, without putting them at the centre of value-creating processes, without giving them a sense of being protagonists in the business and the challenges of our times, no strategy could be converted into reality". Tomaso Tommasi di Vignano - Hera's Executive Chairman 20200130_comunicato_Top_Employers_2020_eng.1580395393.pdf 2020-01-30 sinistra 15:02:00 The Hera Group is once again a Top Employer

2020-01-24 The multi-utility has now become part of this index, which measures gender equality and the promotion of diversity and inclusion, examining 325 listed companies, 10 of which Italian, in 42 countries worldwide Hera Group included in the 2020 Bloomberg Gender-Equality Index The multi-utility has now become part of this index, which measures gender equality and the promotion of diversity and inclusion, examining 325 listed companies, 10 of which Italian, in 42 countries worldwide The Hera Group has once again been confirmed among the Italian and foreign companies most attentive to gender equality and diversity and inclusion promotion. It has indeed become part of the 2020 Bloomberg Gender-Equality Index, which examines 325 listed companies in 42 countries worldwide, committed to promoting and creating equal and inclusive workplaces, thanks to the development of specific policies and projects. Ten Italian companies are included in the index. Attention towards diversity is unquestionably an increasingly central issue for the international financial community, with investors showing a growing interest in listed companies with outstanding policies in this area. This index evaluates companies' diversity activities based on five main parameters, analysed both quantitatively and qualitatively: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, specifically structured harassment prevention and sanctioning policies, a brand that recognisably and holistically supports the female gender. The evaluation criteria also include transparency in information provided on the issue of gender equality. The Hera Group reached particularly outstanding results in the latter area, with a score of 93.94%, outdoing the best practices of international companies (whose average comes to 89.92%) and the utility sector (with an average of 92.73%). Excellent results were also seen in the multi-utility's harassment prevention and sanctioning policies, with a score coming to 80.00% (as opposed to a national average of 57.75%, and 57.92% in the utility sector). Lastly, Hera also achieved quite good results in "female leadership and pipeline" (52.63%) and as a "brand that recognisably supports women" (65.00%). "The Hera Group is pleased to be included in the Bloomberg Gender-Equality Index", states Hera CEO Stefano Venier. "This fact recognises the quality and authenticity of the path taken by the Group, which over time has been enriched with new contents and dimensions, involving an ever-wider set of female and male colleagues, as well as external bodies committed toward these issues. Indeed, if advances of this type are made, they make sense above all when they are shared by the entire socio-economic system. We will thus interpret this as an invitation to continue along the same path and to consolidate an orientation that puts gender inclusion at the very heart of our development policies". Additional evidence of the Hera Group's attention towards promoting diversity, inclusion and people development comes from the score it achieved in the 2019 Refinitiv "Diversity & Inclusion Index" (formerly Thomson Reuters), that each year evaluates over 7,000 listed companies across the world. Last year, Hera ranked as the 3rd company in Italy and 14th internationally, further improving its position (after coming in 22nd in 2018) and confirming itself as the leading multi-utility in this global ranking. The Hera Group's commitment to diversity and inclusion policies, moreover, began quite some time ago and was consolidated in 2009 when it signed the Charter for equal opportunity and fairness on the workplace. A key element was the introduction, in 2011, of a Diversity Manager, whose goal is to additionally favour the development of inclusion policies and diversity valorisation. With these activities, Hera actively contributes to the United Nations' fifth sustainable development goal (SDG), specifically dedicated to gender equality. Furthermore, Hera continues to work on developing internal and personalised career paths, and this orientation has allowed it to reach a percentage of women with roles of responsibility that in 2019 came to 29%. The amount of female personnel, which increased overall, settled at 26.5%. In addition to this data, one must also add that the percentage of disable employees reaches 4.9% of the total, which corresponds to a significant amount of support for inclusion of people with special needs. A significant contribution also comes from training. 99% of the Group's workers were involved in training activities in 2019, with a per capita average of approximately 28.6 hours. The various initiatives include the extension of smart working and leadership courses, which favour the development of human resources based on the different characteristics of each employee (gender, age, training, aptitude and skills). Nor should one forget the introduction of innovative training activities that use the gamification methodology, such as the recent Diversity@work, conceived precisely to raise awareness of diversity and inclusion culture among the all of the company's employees. Other positive effects unquestionably come from the company welfare plan, Hextra, which in many ways supports employees and their families (the overall value of the services provided came to 4.5 million euro in 2019). Lastly, many significant projects give concrete shape to plurality management, such as scholarships, agreements with summer schools, work-life balance initiatives and the availability of parental leave, given not only to mothers and fathers but also those who care for elderly relatives. Not by chance, the results that emerge from enquiries on the company climate continue to be encouraging and are additionally confirmed by the absence of litigation involving diversity and inclusion. 20200124_Bloomberg_Gender_Equality_Index_engl.1579880776.pdf 2020-01-24 11:19:00 Hera Group included in the 2020 Bloomberg Gender-Equality Index

2020-01-21 Calendar of events CALENDAR OF CORPORATE EVENTS (*) 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 2020 - Meeting of the Board of Directors to approve the previous year's preliminary financial statements. 29 April 2020 - Shareholders' Meeting to approve the previous year's financial statements. 13 May 2020 - Meeting of the Board of Directors to approve additional financial information for the period ending on 31 March 2020. 29 July 2020 - Meeting of the Board of Directors to approve the half-year financial report as at 30 June 2020. 11 November 2020 - Meeting of the Board of Directors to approve additional financial information for the period ending on 30 September 2020. 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 CS_CALENDAR_OF_CORPORATE_EVENTS_2020_ENG.1579599066.pdf 2017-01-26 09:48:00 Related contents Calendario degli eventi

2020-01-10 In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. [block]div:row-fluid::db:hr_ir::box:177[/block] Operating and financial highlights 2023 Ebitda: 1,250 million euro (+219 million over 2018 Ebitda) Overall industrial and financial investments: roughly 2.9 billion euro 2023 Net debt/Ebitda ratio at 2.8 Further increase expected in dividends, reaching 12.0 cents per share in 2023 (+20% over the five years) Industrial highlights Strategy based on 3 directives: industrial growth, risk management and circular economy Development driven by a balanced mix between internal and external (M&A) growth Goal of 3.5 million energy customers by 2023, with strong growth thanks to the recent partnership with Ascopiave, which allowed the target included in the previous Business plan to be met 2 years in advance 2023 Shared Value: 530 million euro Preliminary results for 2019 show Ebitda at 1,081 million; a new Plan to accompany development Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, approved the Business plan to 2023. The year-end projections confirm results exceeding expectations, due to both the highly positive results seen in the third quarter report at 30 September 2019, and the performances projected for the last quarter of the year. Ebitda is expected to reach roughly 1,081 million euro, up 4.85% compared to the 1,031.1 million seen in 2018, with the Net debt/Ebitda ratio settling at roughly 2.5, before including the financial impact of the Ascopiave transaction, which brings this indicator to roughly 3.05. In light of these positive results - and following up on 17 years of uninterrupted growth, which has led Hera to consolidate a position of leadership in all businesses - the Group now presents its new five-year strategic document, which reflects its strong commitment towards further industrial growth, along with a renewed emphasis on circularity and risk management and mitigation. The new Business plan confirms and consolidates Hera's role as a "local multi-utility", which bases its own growth on the creation of increasing value for the ecosystem in which it operates and for all its stakeholders. The scenario: options for growth, along with a range of opportunities Even within a complex national economic scenario, marked by limited prospects for growth, Hera intends to continue along its path of development and maintain the resilience it has shown over time in this type of context. This will be achieved by relying on its noteworthy available asset portfolio, the skills of its employees, the diversified portfolio mix and the opportunities now emerging in its various business areas. The growing attention shown by European institutions towards promoting sustainable growth, with interventions such as the recent "A European Green Deal" program, will give further value to the goals already pursued by the Group in recent years, in terms of sustainability, innovation and circularity in its business management models. In regulated sectors, growth opportunities are linked to the reassignment of concessions through tenders and ongoing changes in Arera tariff regulation which, as of 2020, will be responsible for the waste management sector as well. In free market waste management activities, the persistent shortcomings in waste treatment plants on a national and European level sustains a positive trend in prices and demand, going to the advantage of operators provided with adequate infrastructures. As regards free market energy sales, over the period of time covered by the Plan, new yearly/two-year tenders for assigning last resort services are expected to be held and a process of liberalising protected electricity customers "maggior tutela" is expected to be gradually introduced. Growth, risk management and circular economy: the three pillars of the new Business plan In such context, Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution. The new strategic document aims at leveraging upon the competitive advantages of its multi-utility portfolio: a wide service portfolio marked by a significant amount of regulated services; solidity in assets and finance; an ability to fund significant investments; a corporate environment and experience geared towards efficiency and innovation; and the investments constantly made in training its roughly 9,000 employees. In particular, the Group has set out its Plan to 2023 by following 3 strategic directives. Firstly, industrial growth, which is indispensable in order to be able to continue distributing value to an increasing degree. Secondly, risk management, with the medium- long-term approach required to anticipate the actions involved in mitigating the risks to which multi-utilities are exposed, first and foremost the ones tied to climate change. Lastly, circular economy, continuing to promote projects and concrete initiatives that are effective in orienting objectives including reduction, reuse, recycling, recovery or regeneration. Attention towards sustainability remains a fundamental aspect of the Group's strategy, reflecting the goals set out in the 2030 Agenda that concern the Group's activities (covering 11 of the UN's 17 SDGs): almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to this "call to action", thus bringing shared value Ebitda - i.e., the value of business activities which, in addition to generating operating income,respond to the drivers for sustainable growth - to reach 530 million euro in 2023 (or 42% of overall Ebitda). Almost 2.9 billion euro in investments; solidity confirmed in assets and finance The new Business plan foresees investments coming to roughly 2.9 billion euro, of which roughly 2 billion will go towards maintenance of currently owned plants and 900 million in plant expansion. In particular, investments for internal plant development are expected to rise, now coming to 540 million, 120 more (+30%) than in the previous plan. The investments included in the Plan, as usual, will mainly be concentrated in regulated activities, which have now acquired higher visibility thanks to the new tariff system recently approved by the Authority. 73% of the total will go towards networks and urban waste management, with interventions aimed at modernising and developing infrastructures, confirming the Group's particular attention towards resilience, innovation and quality in the services provided to local areas. The investment plan, lastly, is entirely covered from a financial point of view, thanks to both the results that exceeded expectations in 2019, and an increased cash generation foreseen over the period covered by the Plan, which will also be able to cover the dividends paid. On this matter, one must note that the attention Hera has shown over time to the solidity of its assets and its financial balance has allowed it to include projects for expansion through M&As in its new strategic document, in addition to the ones already finalised over the previous year, including the partnership with Ascopiave. At the same time, space to manoeuvre remains, as does the flexibility required to grasp any additional opportunities for external growth in the upcoming years, not included in the current Plan. The ratio between net debt and Ebitda is expected to settle at 2.8 in 2023, improving over the previous Plan, which forecasted this ratio at 2.9 in 2022. Ebitda up to 1,250 million, showing a balanced mix: between business areas and localities served, between regulated and free market activities, and between internal and external growth In line with these investments, the Hera Group expects Ebitda to reach 1,250 million euro in 2023, increasing by 219 million over the 1,031.1 million seen at the end of 2018, with an average annual increase coming to roughly 44 million, and 65 million higher than the final figure projected in the previous plan (in 2022). The trends expected in Ebitda are the result of contributions coming from all areas (networks, waste management and energy, but also telecommunications and public lighting), with evenly distributed and sustainable growth, and the usual balance between internal and external development, and between regulated and free market activities. Thanks to synergies, efficiency-enhancing initiatives, expansion in market share and investments supporting industrial development, the contribution to increased Ebitda coming from internal growth amounts to 112 million (123 including lower incentives for waste-to-energy activities), while external development is expected to provide an additional 107 million in growth. Value for shareholders and rising dividends The new Plan confirms the Group's attention towards creating shared value for all stakeholders, beginning with shareholders, and towards transparency in its dividend policies. The dividend due for 2019, set at 10.0 cents per share, will indeed rise to 10.5 cents per share in 2020, 11.0 in 2021 and 11.5 in 2022, ultimately reaching 12.0 cents per share in 2023 (+20% compared to the last dividend paid in 2018). The rate of growth is thus higher than the one included in the previous Business plan, which called for an increase in dividends every two years. Innovation, resilience and resource protection for networks: from new meters to interventions for the business continuity and the reuse of water Almost half of the Ebitda expected by the end of the period covered by the Plan will involve networks, which include services in electricity and gas distribution, the water cycle and district heating: Ebitda forecasted for 2023 comes to 537 million euro, up over the 464 million seen in 2018. The Hera Group will invest most of its resources from 2019 to 2023 in networks (roughly 1,900 million), dedicated to extending, modernising and technologically upgrading them, to guarantee resilience and business continuity in its services. A significant part of these resources will go towards renewing meters: over the period covered by the Plan, over 500,000 water meters are expected to be installed, along with 150,000 electricity meters and 650,000 gas meters, of which 300,000 NexMeter, Hera's new smart gas meter 4.0, provided with advanced technology and functions in the event of leaks or earthquakes. These interventions will help further improve the services provided to customers and will contribute to making localities we serve become smart cities. The greater resources available for networks is partially linked to changes in the timing expected for tenders in gas distribution in areas served by the Group. Indeed, based on an updated analysis of the state of progress the of activities of contracting authorities, as well as the timing and the outcome of the few tenders already concluded nationwide, a decision was made to postpone the expected tenders by roughly two years, thus shifting beyond 2023 part of the investments that the previous Plan had designated to detecting outgoing third party delivery points following the expected confirmation of the Group in the areas it serves. In the water cycle, the Group's main projects will be designed to provide a response to climate change, contributing to facing it through a notable reduction of the Group's "water footprint": "water management" responsibilities will be developed and reinforced both inside and outside the Group, interventions will take place supporting the resilience of water networks, even in case of drought or excessive precipitation, and projects favouring protection of water resources will be promoted. As regards the latter point, the focus will go to reusing purified water, as a fundamental tool to manage situations in which water is scarce. Among the initiatives already ongoing, note the projects launched in Bologna (Idar and other minor purifiers) and a potential extension in the area surrounding Modena (involving the Sassuolo and Savignano sul Panaro purifiers). Over the period covered by the Plan, these initiatives are expected to be extended to other areas as well (Rimini, Forlì, Ravenna, Ferrara), so as to reach an overall volume of purified and reusable waste water coming to roughly 20 million cubic metres per year. As regards the district heating sector, Hera has confirmed its growing interest in the technological solutions that will play a significant role in decarbonisation across the area, with 75% of the heat injected into networks by the Group coming from renewable and comparable sources. Among the projects currently under evaluation to extend the contribution coming from district heating networks, note the possible connection between the two district heating systems found in Bologna (in San Giacomo and the Pilastro CAAB system), in order to generate significant synergies and extract further environmental benefits that go to the advantage of the area. Leader in the waste management area, thanks to sorted waste, solutions for waste transportation and outstanding projects for a circular economy Increases are also expected for Ebitda in the waste management area, which will go from 252 million in 2018 to 307 in 2023, with 618 million in investments expected between 2019 and 2023. In this sector, the Group aims at confirming its commercial and technological leadership in the integrated waste cycle, thanks to its avant-garde set of plants which are in line with European best practices, which will be further developed in the years to come with the goal of increasing resource protection and maximising reuse. One example comes from biomethane production plants. The experience acquired from the Sant'Agata Bolognese (BO) plant - which transforms the organic portion of sorted waste into compost and biomethane which fuels buses, taxis and private vehicles - will lead new projects to be introduced in areas served by the Group, supporting the model of a circular economy. In particular, over the period covered by the Plan, the Voltana anaerobic digester, located in the area surrounding Ravenna, will also be partially reconverted to produce biomethane. Within 2023 the Hera Group furthermore expects an additional rise in sorted waste in the areas served, up from the 62.5% seen in 2018 to 75% in 2023. The Group's objective is to improve its quality as well, thanks to numerous campaigns designed to raise awareness and initiatives meant to get citizens involved. The circular model, indeed, in addition to the appropriate type of plants, also requires coherent individual and collective behaviour. A larger and better amount of sorted waste leads to further circular business opportunities. One example can be seen in the partnership between Hera and Eni intended to produce biofuel from waste oil brought by citizens, which is expected to be extended to other areas served by the Group, outside Emilia-Romagna, where the pilot project took place. A second example lies in the 62% growth, compared to 2017 and expected by the end of the period covered by the Plan, in the amount of plastic recycled by Aliplast, which results from the company's new activity in recycling rigid plastics. In this way, the Group will further contribute to a sustainable development of the plastic sector, a central issue in Italian and European policies, as well as current debate. The possibility, unique nationwide, of offering integrated and circular solutions and of extracting synergies between Herambiente and Aliplast's customer portfolio will boost growth in customers in the waste sector, with marketing offers adapted to specific needs and able to offer the largest customers a complete consultancy, with across-the-board solutions, also covering circularity in water resources and energy services. The energy sector: over 3.5 million customers in 2023, thanks to factors including the partnership with Ascopiave and new opportunities for growth In 2023, Ebitda for the energy sector will amount to 363 million euro, up compared to the 286 seen in 2018, while the investments foreseen over the period covered by the Plan will come to 295 million. In the next few years, the Group will continue along its path of enlarging its customer base, with the goal of reaching 3.5 million customers in the energy sector within 2023. This target has been revised with respect to the previous plan, now higher thanks to the effect of the recent partnership with Ascopiave, which consolidated the Groups presence in the North-East and allowed the previously defined target (3 million customers) to be met over 2 years in advance. The transaction with Ascopiave furthermore brought Hera to rank third in energy sales nationwide. This growing customer base will be achieved thanks to both marketing development - supported by innovative offers, services with added value and increasing customer experience for each type of customer - and the opportunities ensuing from new assignments of last resort services and the gradual disappearance of the protected electricity market. The most noteworthy marketing offers will be those oriented towards promoting circularity within the energy sector, i.e. accompanied by "green" supply or new initiatives in energy savings, with methods including the application of behavioural economics to modify individual habits. Energy efficiency interventions will affect not only Hera's customers, but Group companies as well: the new objective for 2023 in reducing Hera's consumption Hera comes to 6.5% compared to the amount required in 2013. Again reflecting a rationale of circularity and attention towards resources, and in line with national and European objectives, the Group aims at developing further solutions for energy saving in local authorities, industrial units and apartment buildings, with offers tailored to the specific needs of each category. Lastly, Hera also creates multi-business circular and energy-efficiency solutions, combining energy services and public lighting. In the latter area, over 560,000 lighting points, 25% of which Led, are expected to be managed by 2023. Tomaso Tommasi di Vignano, Hera Executive Chairman The goals set out in the Business plan we are presenting today are in line with our history: for 17 years, we have been growing uninterruptedly, creating value for the areas in which we operate and for all stakeholders, beginning with our shareholders. This value translates into concrete benefits, concerning for example the investments made in services and plants, which become assets of the area itself, and in the activities in which Hera involves citizens, institutions, workers, suppliers and members of the third sector, acting as an "enabler" for their own growth. Our Plan is able to rely on both a solid initial basis - with preliminary year-end results 3% higher than expected - and significant growth in 2020, sustained among other things by the transaction with Ascopiave, which will now begin to contribute to our results. At the same time, we expect our growth to continue thanks to further M&As, while maintaining the financial flexibility required to grasp additional opportunities. The Group's development has indeed been achieved by always maintaining, and even improving its financial soundness, now expecting the net debt/Ebitda ratio to reach 2.8 in 2023, instead of the 2.9 set down in the previous Plan. Dividends will also rise, with a rate of growth coming to 0.5 cents per year, ultimately reaching 12.0 cents per share pertaining to 2023. Stefano Venier, Hera CEO Our Business plan's orientations, just like the initiatives carried out by Hera in previous years, reflect our growing attention towards sustainable development, circular economy and decarbonisation. Within the Group, sustainability is built into our corporate strategies themselves: by 2023, 42% of Ebitda will involve "shared value", that is, projects that respond to the goals contained in the Un Agenda. In this area, investments will come to over 950 million euro over the period covered by the Plan, of which 330 million to make our cities increasingly smart, thanks to innovation and technological evolution, or again projects promoting energy efficiency, recovery and reuse of materials, air quality and network resilience, in order to face climate change. What's more, we are looking even farther into the future, with the objective of reducing the impact of our activities up to 2030, in all areas in which we operate: this involves our "footprint" not only as regards carbon, but also water and the use of natural resources. Our goals for 2030 include an increase in the amount of urban waste recycled, reaching 67% and thus overcoming the EU target set at 65%; a further reduction in the Group's energy consumption, which will fall by 10% compared to 2013; and eliminating linear leakage in the water cycle by 7% compared to 2018. These commitments are perfectly in line with the principles of a circular economy and the very nature of our businesses. 2020-01-10 13:10:00

2020-01-10 In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. Hera Group approves Business Plan to 2023 In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. [block]div:row-fluid::db:hr_ir::box:177[/block] Operating and financial highlights 2023 Ebitda: 1,250 million euro (+219 million over 2018 Ebitda) Overall industrial and financial investments: roughly 2.9 billion euro 2023 Net debt/Ebitda ratio at 2.8 Further increase expected in dividends, reaching 12.0 cents per share in 2023 (+20% over the five years) Industrial highlights Strategy based on 3 directives: industrial growth, risk management and circular economy Development driven by a balanced mix between internal and external (M&A) growth Goal of 3.5 million energy customers by 2023, with strong growth thanks to the recent partnership with Ascopiave, which allowed the target included in the previous Business plan to be met 2 years in advance 2023 Shared Value: 530 million euro Preliminary results for 2019 show Ebitda at 1,081 million; a new Plan to accompany development Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, approved the Business plan to 2023. The year-end projections confirm results exceeding expectations, due to both the highly positive results seen in the third quarter report at 30 September 2019, and the performances projected for the last quarter of the year. Ebitda is expected to reach roughly 1,081 million euro, up 4.85% compared to the 1,031.1 million seen in 2018, with the Net debt/Ebitda ratio settling at roughly 2.5, before including the financial impact of the Ascopiave transaction, which brings this indicator to roughly 3.05. In light of these positive results - and following up on 17 years of uninterrupted growth, which has led Hera to consolidate a position of leadership in all businesses - the Group now presents its new five-year strategic document, which reflects its strong commitment towards further industrial growth, along with a renewed emphasis on circularity and risk management and mitigation. The new Business plan confirms and consolidates Hera's role as a "local multi-utility", which bases its own growth on the creation of increasing value for the ecosystem in which it operates and for all its stakeholders. The scenario: options for growth, along with a range of opportunities Even within a complex national economic scenario, marked by limited prospects for growth, Hera intends to continue along its path of development and maintain the resilience it has shown over time in this type of context. This will be achieved by relying on its noteworthy available asset portfolio, the skills of its employees, the diversified portfolio mix and the opportunities now emerging in its various business areas. The growing attention shown by European institutions towards promoting sustainable growth, with interventions such as the recent "A European Green Deal" program, will give further value to the goals already pursued by the Group in recent years, in terms of sustainability, innovation and circularity in its business management models. In regulated sectors, growth opportunities are linked to the reassignment of concessions through tenders and ongoing changes in Arera tariff regulation which, as of 2020, will be responsible for the waste management sector as well. In free market waste management activities, the persistent shortcomings in waste treatment plants on a national and European level sustains a positive trend in prices and demand, going to the advantage of operators provided with adequate infrastructures. As regards free market energy sales, over the period of time covered by the Plan, new yearly/two-year tenders for assigning last resort services are expected to be held and a process of liberalising protected electricity customers "maggior tutela" is expected to be gradually introduced. Growth, risk management and circular economy: the three pillars of the new Business plan In such context, Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution. The new strategic document aims at leveraging upon the competitive advantages of its multi-utility portfolio: a wide service portfolio marked by a significant amount of regulated services; solidity in assets and finance; an ability to fund significant investments; a corporate environment and experience geared towards efficiency and innovation; and the investments constantly made in training its roughly 9,000 employees. In particular, the Group has set out its Plan to 2023 by following 3 strategic directives. Firstly, industrial growth, which is indispensable in order to be able to continue distributing value to an increasing degree. Secondly, risk management, with the medium- long-term approach required to anticipate the actions involved in mitigating the risks to which multi-utilities are exposed, first and foremost the ones tied to climate change. Lastly, circular economy, continuing to promote projects and concrete initiatives that are effective in orienting objectives including reduction, reuse, recycling, recovery or regeneration. Attention towards sustainability remains a fundamental aspect of the Group's strategy, reflecting the goals set out in the 2030 Agenda that concern the Group's activities (covering 11 of the UN's 17 SDGs): almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to this "call to action", thus bringing shared value Ebitda - i.e., the value of business activities which, in addition to generating operating income,respond to the drivers for sustainable growth - to reach 530 million euro in 2023 (or 42% of overall Ebitda). Almost 2.9 billion euro in investments; solidity confirmed in assets and finance The new Business plan foresees investments coming to roughly 2.9 billion euro, of which roughly 2 billion will go towards maintenance of currently owned plants and 900 million in plant expansion. In particular, investments for internal plant development are expected to rise, now coming to 540 million, 120 more (+30%) than in the previous plan. The investments included in the Plan, as usual, will mainly be concentrated in regulated activities, which have now acquired higher visibility thanks to the new tariff system recently approved by the Authority. 73% of the total will go towards networks and urban waste management, with interventions aimed at modernising and developing infrastructures, confirming the Group's particular attention towards resilience, innovation and quality in the services provided to local areas. The investment plan, lastly, is entirely covered from a financial point of view, thanks to both the results that exceeded expectations in 2019, and an increased cash generation foreseen over the period covered by the Plan, which will also be able to cover the dividends paid. On this matter, one must note that the attention Hera has shown over time to the solidity of its assets and its financial balance has allowed it to include projects for expansion through M&As in its new strategic document, in addition to the ones already finalised over the previous year, including the partnership with Ascopiave. At the same time, space to manoeuvre remains, as does the flexibility required to grasp any additional opportunities for external growth in the upcoming years, not included in the current Plan. The ratio between net debt and Ebitda is expected to settle at 2.8 in 2023, improving over the previous Plan, which forecasted this ratio at 2.9 in 2022. Ebitda up to 1,250 million, showing a balanced mix: between business areas and localities served, between regulated and free market activities, and between internal and external growth In line with these investments, the Hera Group expects Ebitda to reach 1,250 million euro in 2023, increasing by 219 million over the 1,031.1 million seen at the end of 2018, with an average annual increase coming to roughly 44 million, and 65 million higher than the final figure projected in the previous plan (in 2022). The trends expected in Ebitda are the result of contributions coming from all areas (networks, waste management and energy, but also telecommunications and public lighting), with evenly distributed and sustainable growth, and the usual balance between internal and external development, and between regulated and free market activities. Thanks to synergies, efficiency-enhancing initiatives, expansion in market share and investments supporting industrial development, the contribution to increased Ebitda coming from internal growth amounts to 112 million (123 including lower incentives for waste-to-energy activities), while external development is expected to provide an additional 107 million in growth. Value for shareholders and rising dividends The new Plan confirms the Group's attention towards creating shared value for all stakeholders, beginning with shareholders, and towards transparency in its dividend policies. The dividend due for 2019, set at 10.0 cents per share, will indeed rise to 10.5 cents per share in 2020, 11.0 in 2021 and 11.5 in 2022, ultimately reaching 12.0 cents per share in 2023 (+20% compared to the last dividend paid in 2018). The rate of growth is thus higher than the one included in the previous Business plan, which called for an increase in dividends every two years. Innovation, resilience and resource protection for networks: from new meters to interventions for the business continuity and the reuse of water Almost half of the Ebitda expected by the end of the period covered by the Plan will involve networks, which include services in electricity and gas distribution, the water cycle and district heating: Ebitda forecasted for 2023 comes to 537 million euro, up over the 464 million seen in 2018. The Hera Group will invest most of its resources from 2019 to 2023 in networks (roughly 1,900 million), dedicated to extending, modernising and technologically upgrading them, to guarantee resilience and business continuity in its services. A significant part of these resources will go towards renewing meters: over the period covered by the Plan, over 500,000 water meters are expected to be installed, along with 150,000 electricity meters and 650,000 gas meters, of which 300,000 NexMeter, Hera's new smart gas meter 4.0, provided with advanced technology and functions in the event of leaks or earthquakes. These interventions will help further improve the services provided to customers and will contribute to making localities we serve become smart cities. The greater resources available for networks is partially linked to changes in the timing expected for tenders in gas distribution in areas served by the Group. Indeed, based on an updated analysis of the state of progress the of activities of contracting authorities, as well as the timing and the outcome of the few tenders already concluded nationwide, a decision was made to postpone the expected tenders by roughly two years, thus shifting beyond 2023 part of the investments that the previous Plan had designated to detecting outgoing third party delivery points following the expected confirmation of the Group in the areas it serves. In the water cycle, the Group's main projects will be designed to provide a response to climate change, contributing to facing it through a notable reduction of the Group's "water footprint": "water management" responsibilities will be developed and reinforced both inside and outside the Group, interventions will take place supporting the resilience of water networks, even in case of drought or excessive precipitation, and projects favouring protection of water resources will be promoted. As regards the latter point, the focus will go to reusing purified water, as a fundamental tool to manage situations in which water is scarce. Among the initiatives already ongoing, note the projects launched in Bologna (Idar and other minor purifiers) and a potential extension in the area surrounding Modena (involving the Sassuolo and Savignano sul Panaro purifiers). Over the period covered by the Plan, these initiatives are expected to be extended to other areas as well (Rimini, Forlì, Ravenna, Ferrara), so as to reach an overall volume of purified and reusable waste water coming to roughly 20 million cubic metres per year. As regards the district heating sector, Hera has confirmed its growing interest in the technological solutions that will play a significant role in decarbonisation across the area, with 75% of the heat injected into networks by the Group coming from renewable and comparable sources. Among the projects currently under evaluation to extend the contribution coming from district heating networks, note the possible connection between the two district heating systems found in Bologna (in San Giacomo and the Pilastro CAAB system), in order to generate significant synergies and extract further environmental benefits that go to the advantage of the area. Leader in the waste management area, thanks to sorted waste, solutions for waste transportation and outstanding projects for a circular economy Increases are also expected for Ebitda in the waste management area, which will go from 252 million in 2018 to 307 in 2023, with 618 million in investments expected between 2019 and 2023. In this sector, the Group aims at confirming its commercial and technological leadership in the integrated waste cycle, thanks to its avant-garde set of plants which are in line with European best practices, which will be further developed in the years to come with the goal of increasing resource protection and maximising reuse. One example comes from biomethane production plants. The experience acquired from the Sant'Agata Bolognese (BO) plant - which transforms the organic portion of sorted waste into compost and biomethane which fuels buses, taxis and private vehicles - will lead new projects to be introduced in areas served by the Group, supporting the model of a circular economy. In particular, over the period covered by the Plan, the Voltana anaerobic digester, located in the area surrounding Ravenna, will also be partially reconverted to produce biomethane. Within 2023 the Hera Group furthermore expects an additional rise in sorted waste in the areas served, up from the 62.5% seen in 2018 to 75% in 2023. The Group's objective is to improve its quality as well, thanks to numerous campaigns designed to raise awareness and initiatives meant to get citizens involved. The circular model, indeed, in addition to the appropriate type of plants, also requires coherent individual and collective behaviour. A larger and better amount of sorted waste leads to further circular business opportunities. One example can be seen in the partnership between Hera and Eni intended to produce biofuel from waste oil brought by citizens, which is expected to be extended to other areas served by the Group, outside Emilia-Romagna, where the pilot project took place. A second example lies in the 62% growth, compared to 2017 and expected by the end of the period covered by the Plan, in the amount of plastic recycled by Aliplast, which results from the company's new activity in recycling rigid plastics. In this way, the Group will further contribute to a sustainable development of the plastic sector, a central issue in Italian and European policies, as well as current debate. The possibility, unique nationwide, of offering integrated and circular solutions and of extracting synergies between Herambiente and Aliplast's customer portfolio will boost growth in customers in the waste sector, with marketing offers adapted to specific needs and able to offer the largest customers a complete consultancy, with across-the-board solutions, also covering circularity in water resources and energy services. The energy sector: over 3.5 million customers in 2023, thanks to factors including the partnership with Ascopiave and new opportunities for growth In 2023, Ebitda for the energy sector will amount to 363 million euro, up compared to the 286 seen in 2018, while the investments foreseen over the period covered by the Plan will come to 295 million. In the next few years, the Group will continue along its path of enlarging its customer base, with the goal of reaching 3.5 million customers in the energy sector within 2023. This target has been revised with respect to the previous plan, now higher thanks to the effect of the recent partnership with Ascopiave, which consolidated the Groups presence in the North-East and allowed the previously defined target (3 million customers) to be met over 2 years in advance. The transaction with Ascopiave furthermore brought Hera to rank third in energy sales nationwide. This growing customer base will be achieved thanks to both marketing development - supported by innovative offers, services with added value and increasing customer experience for each type of customer - and the opportunities ensuing from new assignments of last resort services and the gradual disappearance of the protected electricity market. The most noteworthy marketing offers will be those oriented towards promoting circularity within the energy sector, i.e. accompanied by "green" supply or new initiatives in energy savings, with methods including the application of behavioural economics to modify individual habits. Energy efficiency interventions will affect not only Hera's customers, but Group companies as well: the new objective for 2023 in reducing Hera's consumption Hera comes to 6.5% compared to the amount required in 2013. Again reflecting a rationale of circularity and attention towards resources, and in line with national and European objectives, the Group aims at developing further solutions for energy saving in local authorities, industrial units and apartment buildings, with offers tailored to the specific needs of each category. Lastly, Hera also creates multi-business circular and energy-efficiency solutions, combining energy services and public lighting. In the latter area, over 560,000 lighting points, 25% of which Led, are expected to be managed by 2023. Tomaso Tommasi di Vignano, Hera Executive Chairman The goals set out in the Business plan we are presenting today are in line with our history: for 17 years, we have been growing uninterruptedly, creating value for the areas in which we operate and for all stakeholders, beginning with our shareholders. This value translates into concrete benefits, concerning for example the investments made in services and plants, which become assets of the area itself, and in the activities in which Hera involves citizens, institutions, workers, suppliers and members of the third sector, acting as an "enabler" for their own growth. Our Plan is able to rely on both a solid initial basis - with preliminary year-end results 3% higher than expected - and significant growth in 2020, sustained among other things by the transaction with Ascopiave, which will now begin to contribute to our results. At the same time, we expect our growth to continue thanks to further M&As, while maintaining the financial flexibility required to grasp additional opportunities. The Group's development has indeed been achieved by always maintaining, and even improving its financial soundness, now expecting the net debt/Ebitda ratio to reach 2.8 in 2023, instead of the 2.9 set down in the previous Plan. Dividends will also rise, with a rate of growth coming to 0.5 cents per year, ultimately reaching 12.0 cents per share pertaining to 2023. Stefano Venier, Hera CEO Our Business plan's orientations, just like the initiatives carried out by Hera in previous years, reflect our growing attention towards sustainable development, circular economy and decarbonisation. Within the Group, sustainability is built into our corporate strategies themselves: by 2023, 42% of Ebitda will involve "shared value", that is, projects that respond to the goals contained in the Un Agenda. In this area, investments will come to over 950 million euro over the period covered by the Plan, of which 330 million to make our cities increasingly smart, thanks to innovation and technological evolution, or again projects promoting energy efficiency, recovery and reuse of materials, air quality and network resilience, in order to face climate change. What's more, we are looking even farther into the future, with the objective of reducing the impact of our activities up to 2030, in all areas in which we operate: this involves our "footprint" not only as regards carbon, but also water and the use of natural resources. Our goals for 2030 include an increase in the amount of urban waste recycled, reaching 67% and thus overcoming the EU target set at 65%; a further reduction in the Group's energy consumption, which will fall by 10% compared to 2013; and eliminating linear leakage in the water cycle by 7% compared to 2018. These commitments are perfectly in line with the principles of a circular economy and the very nature of our businesses. 20200110_comunicato_Piano_industriale_al_2023_ENG.1578659562.pdf 2020-01-10 13:10:00 Hera Group included in the 2020 Bloomberg Gender-Equality Index

2020-01-03 (drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Communication of the overall amount of voting rights Bologna, 3 January 2020 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 31 December 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,438,785 1,489,538,745 2,251,436,801 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,638,705 727,638,705 727,640,689 727,640,689 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,900,040 1,523,800,080 761,898,056 1,523,796,112 20200103_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1578056395.pdf 2019-07-03 10:59:00 Comunicazione dell'ammontare complessivo dei diritti di voto

2019-12-19 Gruppo Hera e Ascopiave The transaction between the two companies, finalised today, marks the birth, through EstEnergy, of the largest energy operator in North-Eastern Italy, whose BoD was also appointed. Ascopiave acquires new assets in gas distribution, reinforcing its position in the sector and reaching 775,000 users served. The Hera Group now has roughly 3.3 million energy customers overall, meeting the target included in its Business plan well ahead of time. Partnership between Hera and Ascopiave now operational The transaction between the two companies, finalised today, marks the birth, through EstEnergy, of the largest energy operator in North-Eastern Italy, whose BoD was also appointed. Ascopiave acquires new assets in gas distribution, reinforcing its position in the sector and reaching 775,000 users served. The Hera Group now has roughly 3.3 million energy customers overall, meeting the target included in its Business plan well ahead of time. The Hera Group and Ascopiave S.p.a. have finalised the transaction that formalises, as of today, the birth of the largest operator in the energy sector in North-Eastern Italy, with over one million customers, while at the same time redefining gas distribution between the two partners. Today's closing, which follows up on the framework agreement signed on 30 July and the subsequent approvals granted by the appropriate authorities and bodies, involves an exchange of assets having an equal value between the Hera Group and Ascopiave, in energy sales on the one hand, and gas distribution on the other. The economic aspects of the transaction did not change with respect to what had been made public previously, except for adjustments in the closing date included in last July's framework agreement, and settlements defined for governance and management options for Ascopiave's shareholdings in EstEnergy and Hera Comm. This transaction is an important step along the evolution of the Hera Group and Ascopiave's business portfolios, and fully respects the orientations in development approved by their respective Boards of Directors. The Hera Group, indeed, will achieve the goal set out in its Business plan to 2022 in advance, reaching roughly 3.3 million customers in energy sales. Ascopiave, instead, will implement its own strategic repositioning plan, through a sales agreement with a leading figure and a consolidation of its own position in the core business of gas distribution. As regards energy sales, EstEnergy will manage commercial activities in the Veneto, Friuli-Venezia Giulia and Lombardy regions, with over one million customers (including roughly 795,000 gas contracts and roughly 265,000 electricity contracts). More specifically, the new company, whose value before the transaction came to 191.7 million euro, now includes the sales companies of the Ascopiave Group (Ascotrade S.p.a., Ascopiave Energie S.p.a. and Blue Meta S.p.a. as well as the joint ventures Asm Set S.r.l. and Etra Energia S.r.l.) and a shareholding in Sinergie Italiane S.r.l., for an overall value of 474.2 million euro, as well as those of the Hera Group (Hera Comm Nord-Est S.r.l), whose value comes to 159.0 million euro. The Hera Group holds 52% of the share capital of the new EstEnergy, while 48% is held by Ascopiave (which purchased this amount for a price of 395.9 million euro, based on the total equity value of EstEnergy, equivalent to 824.9 million euro). The Board of Directors is made up of 5 members, 3 appointed by Hera and 2 by Ascopiave, in line with the Shareholders Agreement signed today. The members, appointed today, are, for the Hera Group: Stefano Venier, CEO of the Hera Group; Cristian Fabbri, Group Market Manager and CEO of Hera Comm, who will also act as CEO of the new EstEnergy; Isabella Malagoli, Director of Sales and Marketing at Hera Comm. Ascopiave's members are: Giovanni Zoppas, CEO of Thelios, who will also act as Chairman, and Nicola Cecconato, Chairman and CEO of Ascopiave Group. As regards the reorganisation of gas distribution, Ascopiave purchased from the Hera Group, for a price set at 168 million euro, an area of concessions comprising roughly 188,000 users in the Veneto and Friuli-Venezia Giulia regions, which as of 31 December 2019 will come together in the newly created company named AP Reti Gas Nord-Est. Thanks to this transaction, the Ascopiave Group will manage roughly 775,000 users and a network with a total length of over 12,000 Km, thus consolidating its position in the national ranking. Lastly, as indicated in the agreement signed in late July, 3% of the share capital of Hera Comm was purchased by Ascopiave today, for a price of 54 million euro. Furthermore, Chairman and CEO Nicola Cecconato was appointed in the company's Board of Directors. Furthermore, as part of the overall redefinition of energy sales activities, Hera Comm directly acquired 100% of the share capital of Amgas Blu, a company entirely held by Ascopiave, which operates in the province of Foggia and has roughly 50,000 customers, for a price of 42.5 million euro. "We are very satisfied with the positive conclusion of this transaction, one of the sector's largest in recent years and highly significant for our multi-utility as well, as regards the quality of the assets involved and the geographical area in question" states Tomaso Tommasi di Vignano, Executive Chairman of the Hera Group. "This transaction is entirely in line with our strategic goals and allows us to reach one of the main targets contained in our Business plan well in advance. Today, we have consolidated our presence in an area, the Triveneto region, where we have operated for years and where we count on further extending the concrete benefits that our business model has proved able to generate for some time now: increasing quality in services, investments, innovation and environmental and resource protection. Transactions such as this, moreover, fully respect our own history: Hera's growth has been sustained by mergers and acquisitions that have contributed to our development. Lastly, I would like to take this chance to thank the people who have worked with us in gas distribution, showing passion and commitment, and who, now within AP Reti Gas Nord-Est, will continue to operate as they had in the past, taking up new challenges in a Group such as Ascopiave, equally solid and with strong local roots". "This transaction has great strategic significance for us" states the Chairman and CEO of the Ascopiave Group, Nicola Cecconato. "Indeed, it allows us to meet two primary goals: on the one hand, reinforcing our core business of gas distribution, and on the other giving greater value to our sales activities, through the creation of a partnership with a valid figure in this market. We believe that the transaction finalised today, which respects a choice made at the end of a period of deep reflection in which we evaluated various opportunities and alternatives, represents the best solution for our Group, since it reinforces its prospects for industrial development. Thanks to this close commercial partnership with Hera, we are jointly participating in an enterprise that has reached a significant critical mass, able to meet the necessary requirements for this sort of business. In gas distribution, instead, we have reinforced our presence in highly important geographical areas, close to the ones we already serve. This will allow us to create synergies and efficiencies in management, maintaining and, if possible, improving the level of quality, continuity and safety in this service. If necessary, this will lead us to invest significantly in order to preserve and improve the functionality of our networks and plants. This strategic repositioning raises new challenges for Ascopiave, which we will face by giving ever greater attention towards the interests of our shareholders and by respecting our corporate mission, alongside local administrations, serving communities and local areas". The Ascopiave Group mainly operates in two segments of the natural gas sector, distribution and sales to end customers. Thanks to its wide customer base and the amount of gas sold, Ascopiave is currently one of the nation's foremost operators in this sector. The Group holds concessions and direct assignments for managing distribution activities in over 228 Municipalities, offering this service to a customer base that includes 1.5 million inhabitants, through a distribution network that covers a length of 10,000 kilometres. Activities in natural gas sales are carried out through various companies, some of which jointly controlled. Taken as a whole, in 2018 the Group's companies sold over 1 billion cubic metres of gas to end customers. As of 12 December 2006, the company Ascopiave has been listed on the Star segment of Borsa Italiana. The Hera Group is one of Italy's leading multi-utilities and operates in the waste management (waste collection and treatment), energy (electricity and gas distribution and sales) and water (aqueduct, sewerage and purification) sectors. Almost 9,000 employees work within the Group, committed every day to meeting the various needs of over 4.4 million citizens. The over 350 municipalities served are mainly located in the Emilia-Romagna, Marche, Toscana, Abruzzo, Veneto and Friuli-Venezia Giulia regions. Listed in 2003, as of 18 March 2019 the Group was included in the FTSE MIB. Gruppo Hera e Ascopiave 20191219_closing_Hera_Group_Ascopiave_ENG.1576776135.pdf 2019-12-19 18:09:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2019-12-03 (drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Communication of the overall amount of voting rights Bologna, 3 December 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 November 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,436,801 1,489,538,745 2,251,468,601 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,640,689 727,640,689 727,608,889 727,608,889 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,898,056 1,523,796,112 761,929,856 1,523,859,712 20191203_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1575385385.pdf 2019-07-03 15:35:00 Communication of the overall amount of voting rights

2019-11-13 NexMeter_450x.1573641982.jpg The 2019 European Utility Week includes a preview of the new smart gas meter 4.0, provided with advanced technology and functions, and features that are unique on the international scene. Thanks to investments coming to 45 million euro, the first 300,000 units will be installed in some areas served by Hera. NexMeter NexMeter, the new gas meter 4.0 conceived by the Hera Group, looks towards the future, today: provided with avant-garde technology and functions, above all concerning safety, and "environment friendly", its features cannot be found elsewhere on the international scene. This "smart" device was born out of the experience gained by Hera, one of Italy's largest multi-utilities. The fruit of the know-how accumulated over time in gas distribution service management, it also owes much to the continuous investments made in innovation and research and development. The Hera Group has already allocated roughly 45 million euro in investments to install the first 300,000 meters over the upcoming three years. The companies chosen as partners are among the most qualified, nationally and internationally: the Japanese multinational Panasonic, a global leader in electronic product and component manufacturing, and Pietro Fiorentini, one of Italy's foremost enterprises involved in providing products and services for the entire natural gas sector. Precisely because of its advanced functions and the international team involved in its development, a preview of NexMeter was given yesterday afternoon in Paris, in the prestigious setting of the 2019 European Utility Week, the sector's most important showcase. A "mini-computer", leading the way in innovation and safety NexMeter is much more than a gas meter: it's a "mini-computer" whose features outperform the other devices now seen on the market. Provided with advanced technology - now, for the first time, contained within the device itself and based on algorithms, sensors and ultrasounds - and characteristics giving it an unrivalled precision, it offers advanced safety functions, supporting a fundamental aspect of gas services. The specific monitoring and warning tools with which it is provided allow it to prevent accidents in a range of situations, offering greater protection to buildings and citizens, along the lines of electric circuit breakers. For example, the system's regular functioning is constantly checked by verifying supply and network pressure, immediately reporting any excess or drop. The meter is able to signal any kind of gas leak: not only large, short-term losses due to breakage or voluntary damage, but also the smaller, continuous leaks that customers might not notice right away. It can thus interrupt supply in case of irregularities, making the system safe. Furthermore, it is able to detect tremors caused by earthquakes in real time, and in this case as well it interrupts gas supply and thus acts towards providing better safety. Real time communication between metres, control systems and users In addition to periodically sending ordinary information as to actual consumption, like other smart gas meters, in case of emergency NexMeter is activated and contacts the Group's central remote control facility in Forlì. This avant-garde technological centre is one of Europe's largest, and monitors Hera's networks and plants across the entire area served in real time. In turn, the remote control facility, if it has a certain way to contact the user, attempts to send them an warning signal. In any event, the device's status can be checked by customers themselves on the meter's display, thanks to a simple and immediately comprehensible interface. NexMeter is environment friendly Not only is NexMeter "smart" and precise, it's also a green assistant who will help cut spending for consumption. Thanks to its ability to detect even slight gas leaks and signal them to users, NexMeter contributes to reducing the cost of bills. Furthermore, it benefits the environment by promoting a smart use of energy and favouring a rational use of resources. By eliminating leaks, indeed, it also reduces methane dispersion, which is highly pollutant, while the entire process of optimising gas network management has a positive effect on the performance and emissions of many devices, first and foremost hot water heaters. NexMeter - in addition to being entirely compatible with all kinds of networks and plants - is already suitable for future "clean gas" systems, such as biomethane. One can only add that it is the first meter built out of materials that contain recycled plastic, reflecting Hera's long-standing attention towards the environment and a circular economy. Moving in this same direction, Hera was the first company in Italy to introduce recycled plastic materials into the tubes of its own networks. An opportunity for local areas: the first installations and the next steps Following up on the opportunities offered by the large-scale gas meter substitution foreseen by Italian regulations (resolution ARG/gas 155/08), Hera's new 4.0 meter meets possible developments in legislation in advance, introducing features that go beyond current requirements and putting innovative technology at the service of the needs shared by household and non-household users. As early as the next few months, installation of the device will be launched in some areas served by the Group: overall, during the next three years, 300,000 devices will be installed in localities served by Hera, mainly in Friuli-Venezia Giulia and Emilia-Romagna, in the provinces of Modena and Ferrara, areas classified as being at risk of earthquakes or in which similar events have recently occurred. A valuable project NexMeter's features respect the interventions outlined in the 2019-2021 strategic framework drafted by Italy's Energy, Network and Environment Authority (ARERA). These objectives are challenging in terms of innovation, safety and attention towards the environment, with respect to which the Italian authority orients sector companies. The presentation of NexMeter confirms that the Hera Group is fully able and ready to act on these indications, making the most of its employees' professional skills and potential for innovation. "With NexMeter", states Stefano Venier, CEO of the Hera Group, "we are bringing a new wave of innovation into a business, gas distribution, that is still quite traditional. To develop it in the best way possible, we have brought together our considerable experience in the gas distribution sector together with the skills of the most qualified national and international partners. In a broader sense, innovation is one of our strategic priorities, sustained by a significant economic investment, coming to over 380 million euro in the five years covered by our latest Business plan. It is with initiatives such as this, indeed, that the Hera Group carries out its own mission, already today, with technology coming from the future, meeting the needs of the citizens who live in the areas we serve. All of this is accompanied by constant attention towards the environment: our meter in fact promotes a smart use of energy and an efficient use of resources, which are two of the drivers according to which the Hera Group has established its commitment towards sustainability". "This project could not be accomplished without Gruppo Hera's solid desire and intention to develop and deploy new gas smart meter which equipped with safety functions. It is honourable for Panasonic to contribute as a key devices supplier of which technology had been proven more than 35 years with 120 million sets delivered in Japan and will enormously enhance the safety level in the gas distribution network in Italy" said Anton Terasaki, Managing Director of Smart Energy System Business Division Appliances Company, Panasonic Corporation. "We are very enthusiastic about our work on this innovative project for smart meters with advanced features in safety and reliability. It will provide Hera's customers and the entire supply chain with a significant amount of data, fundamental for a safe, efficient and enlightened use of gas", states Cristiano Nardi, Executive Chairman of the Pietro Fiorentini Group. "Our collaboration with Panasonic fully respects our policy of open innovation that leads us to collaborate with many international partners, universities and research centres". The Hera Group is among Italy's largest multi-utilities, working mainly in the environment (waste collection and treatment), energy (electricity and gas distribution and sales, energy services) and water (aqueduct, sewerage and purification) sectors. Other services offered include public lighting and telecommunications. The Group employs almost 9,000 employees who meet the needs of 4.4 million citizens in over 350 municipalities mainly located in Emilia-Romagna, Veneto, Friuli-Venezia Giulia, Marche, Tuscany and Abruzzo. A listed company since 2003, as of 18 March 2019 Hera has been included in the FTSE MIB. Panasonicis worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 8.0 Trillion Yen for the year ended in March 31 2019. The Company's shares are listed on the Tokyo, Osaka, Nagoya, and New York (NYSE: PC) stock exchanges. Pietro Fiorentini is an international group comprising twenty-six branches and subsidiaries. Based in Arcugnano (Vicenza), it provides a wide range of products, systems and services to the Oil & Gas sector, with eleven manufacturing facilities worldwide. It was recently included by the Centro Studi ItalyPost in a list of the one hundred Italian companies having an annual turnover coming to between 120 and 500 million euro who have performed the best operationally and financially from 2011 to the present. Pietro Fiorentini's mission is strongly oriented towards customer centricity and environmental protection, applying the most modern technologies to meet the needs of the market and to promote the development of clean and safe energy, thanks to new solutions including renewable gas and hydrogen. NexMeter 20191113_comunicato_NexMeter_eng_DEF.1573641879.pdf 2019-11-11 sinistra 10:50:24 NexMeter

2019-11-13 Results as at 30 September 2019 The Group closed the first nine months of the year with particularly positive results, higher than expectations, and with the third quarter showing further improvement over the previous quarters. All main operating and financial figures showed growth, as did investments, with a special focus on innovation as a lever for development. /documents/1514726/4210689/Hera_Group_Consolidate_quarterly_report_30_09_2019.1573637094.pdf/defd4ead-13a2-5287-e021-e98632136f4f?t=1597849421357 /documents/1514726/4210689/Dati_finanziari_ed_operativi_di_sintesi_9M2019_eng.1573554938.xls/5d5959ed-5c5e-5629-d45e-f55bb509685e?t=1597849419918 /documents/1514726/4210689/GruppoHera_Analyst_presentation_9M_2019.1573652645.pdf/160d8073-d000-e92e-8721-f959debafed8?t=1597849420673 http://investornews.gruppohera.it/en/?n=174 /documents/1514726/4880888/GruppoHera+9M+2019+eng.1573723184.mp3/847e4cdb-1900-e9b1-5be8-7359534b94b5?t=1610038221010 Financial report as at 30 September 2019 Financial data: Results as at 30 September 2019 Analyst presentation: Results as at 30 September 2019 Newsletter: Results as at 30 September 2019 Audioconference: Results as at 30 September 2019 Financial highlights Revenues at 5,063.2 million euro (increased by 16.4%) Ebitda at 785.8 million (increased by 5.0%) Net result at 242.0 million (increased by 12.1%) Net debt at 2,740.7 million, with Net debt/Ebitda reduced to 2.57x Operating highlights Good contribution to growth coming from business areas, especially the gas, water and waste management sectors Positive results thanks to both internal growth and M&A Sharp increase in energy customers, now almost 2.65 million, more than triple the historical average Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated financial results at 30 September 2019, which shows particularly positive results and further improved the growth already seen in the previous quarters. The trends seen over the first nine months of the year, which were higher than expected, reflected the Group’s effective implementation of its Business plan to 2022, having already reached 42% of the expected 200 million euro growth in Ebitda, ahead of the projected timeline. Some strategic projects, including M&As to be concluded in the near future, will be included in the upcoming Business plan to 2023. An excellent contribution came from internal growth, both in free market activities – which saw an increase in energy customers, now almost 2.65 million, and further expansion in the area of waste treatment – and regulated ones. The M&A operations carried out during the first nine months include the integrations of ATR in gas distribution and CMV Energia e Impianti’s energy sales operations, both of which are companies operating in the Ferrara area, the acquisition of Cosea Ambiente, with the Cosea Consorzio landfill in the Tuscan-Emilian Apennine area, and Pistoia Ambiente in Tuscany. Furthermore, a definitive formalisation of the Ascopiave deal is underway, according to the timeline previously set out. In general, the results for the first nine months confirm the Group’s winning strategy, based on a business model that balances regulated and free market activities, and brings internal growth together with an eye towards M&A opportunities. Sustainability and innovation have proven to be increasingly important competitive levers underpinned higher amount of investments, focused on “circular economy model” and “resource regeneration”, with the goal of creating value for the local area and all stakeholders. Revenues increase to 5,063.2 million euro In the first nine months of 2019, revenues came to 5,063.2 million euro, increased by 16.4% over the 4,348.4 million recorded at 30 September 2018, thanks to the contribution coming from all business areas. Trading operations and higher revenues and volumes sold in gas and electricity were particularly significant. Ebitda rises to 785.8 million Consolidated Ebitda at 30 September 2019 increased from 748.6 million euro to 785.8 (increased by 5.0%). This growth mainly came from the good performance seen in the Group’s various business areas, especially the gas and water businesses. Positive results were also recorded in the waste treatment business. Operating result and pre-tax profit up thanks to factors including financial operations The operating result grew to 405.5 million euro, compared to the 376.5 seen at 30 September 2018 (increased by 7.7%), and pre-tax profit rose to 338.4 million compared to the 311.0 recorded one year earlier (increased by 8.8%). Financial income and expenses at the end of the first nine months of 2019 settled at 67.1 million euro, substantially in line with the figure seen at 30 September 2018. Net result increases to 242.0 million (increased by 12.1%) The net result at 30 September 2019 rose to 242.0 million euro (increased by 12.1%), compared to the 215.9 million seen at the same date one year earlier, while the Net profit post minorities increased to 230.8 million, compared to the 208.7 million recorded at 30 September 2018 (increased by 10.6%). These results benefitted from factors including an average tax rate that came to 28.5%, an improvement over the 30.1% seen in the same period of the previous year, thanks in particular to the Group’s commitment to investing in technological and digital transformation, along the lines of Utility 4.0. Over 343 million euro in investments and reduction in the Net debt/Ebitda ratio At 30 September 2019, the Group’s operating investments, including capital grants, amounted to 343.1 million euro, increased by 15.7% over the same date in 2018 and in line with the indications set out in the Business plan to 2022. Operating investments mainly involved interventions on plants, networks and infrastructures, furthering their development and resilience in order to better face the challenges coming from climate change. Investments also went to regulatory upgrading above all in the purification and sewerage area, in addition to gas distribution, with a large-scale gas smart meter installation. These interventions also include Hera’s increasing investments in the field of innovation: yesterday, at Paris’ European Utility Week, the most important conference in the sector, NexMeter was launched, the innovative smart gas meter 4.0 created by the Hera Group alongside leading national and international partners and provided with advanced safety functions and technology. Thanks to investments coming to 45 million euro, the first 300,000 smart meters will be installed over the next three years. At 30 September 2019, net debt came to 2,740.7 million euro, remaining basically stable, thanks to a cash flow that entirely financed the investments made, including those aimed at development, and the annual dividend payment. The change compared to the 2,585.6 million recorded at 31 December 2018 was mainly due to figurative debts booked in application of accounting standard IFRS16 and, to a lesser degree, the M&A operations carried out recently, which will contribute to growth in results in the fourth quarter as well. Financial leverage reduced, with the net debt/Ebitda ratio coming to 2.57x, compared to the 2.62x seen at 30 September 2018. Gas Ebitda for the gas business – which includes services in natural gas distribution and sales, district heating and heat management – came to 239.8 million euro at 30 September 2019, increased by 7.9% over the same period in the previous year, in terms of both revenues and volumes sold. These results were obtained thanks to a larger amount of trading activities and the market expansion in the default and last resort supply services. A very significant rise was seen in gas customer base – almost 1.5 million overall, at the end of the third quarter of 2019 – with growth coming to 52,400 (increased by 3.7%) compared to the same period in the previous year, mainly due to the consolidation of the companies Sangroservizi and CMV Servizi, new customers in the default and last resort markets and marketing initiatives. The gas area accounted for 30.5% of Group Ebitda. Water The water business – which includes aqueduct, purification and sewerage services – showed a 7.4% growth in Ebitda, which reached 200.0 million euro, compared to the 186.2 million seen in September 2018. This growth was caused above all by higher revenues for new connections and supply; the latter reflected the results of the tariffs introduced by the Authority for the period from 2016 to 2019 and bonuses for contract quality. The integrated water cycle business accounted for 25.4% of Group Ebitda. Waste management In the waste management business – which includes services in waste collection, treatment, recovery and disposal – the Hera Group further consolidated its leadership, with a set of avant-garde plants that offers solutions across the board and supporting the evolution of activities towards “circular economy model”. Important results were also reached in sorted waste, which went from 61.4% in the first nine months of 2018 to 63.4% in the same period of the current year. At 30 September 2019, Ebitda rose to 192.0 million euro, showing a 2.0% increase over the 188.2 million seen at 30 September 2018, mostly achieved in the third quarter. This positive trend – which fully offset lower revenues due to a drop in volumes treated – was sustained among other things by trends in prices for special and industrial waste treatment, the contribution coming from Aliplast and new structures such as the waste treatment plant inaugurated in Cordenons (PN) and the innovative biomethane production plant in Sant’Agata Bolognese (BO), both having progressively become fully operational. These results furthermore benefitted from the acquisitions of Cosea Ambiente, including the landfill in Gaggio Montano (BO), and Pistoia Ambiente. As regards the higher efficiency reached, moreover, also note the merger of Waste Recycling into Herambiente Servizi Industriali, which thus became Italy’s largest company involved in industrial waste management, and Aliplast, which continued to show growth through market development and the extraction of synergies through integrations. The waste management business accounted for 24.4% of Group Ebitda. Electricity Ebitda for the electricity business – which includes services in electricity generation, distribution and sales – went from 133.2 million in the first nine months of 2018 to 129.1 million at 30 September 2019. This result is even more appreciable considering the effects of the new tender for 2019-2020 safeguarded services, in which a high degree of competition led to lower prices than the previous two-year period. This factor was almost entirely offset by higher volumes sold and higher revenues, as well as the positive contribution coming from activities in electricity trading and generation. Significant growth was also seen in the number of customers, which came to 132,400, up 12.7% over the same period in 2018, thanks above all to marketing initiatives in the free market area. At 30 September 2019, customers amounted to almost 1.2 million. The electricity business accounted for 16.4% of Group Ebitda. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The third-quarter management report and related materials are available to the public at Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Intermediate Management Report at 30 September 2019 are attached. Profit & Loss (m€) 30/09/19 Inc.% 30/09/18 Inc.% Ch. Ch. % Sales 5,063.2 4,348.4 +714.8 +16.4% Other operating revenues 366.7 7.2% 321.1 7.4% +45.6 +14.2% Raw material (2,504.9) (49.5%) (1,966.6) (45.2%) +538.3 +27.4% Services costs (1,698.4) (33.5%) (1,529.2) (35.2%) +169.2 +11.1% Other operating expenses (45.6) (0.9%) (42.9) (1.0%) +2.7 +6.3% Personnel costs (418.7) (8.3%) (410.1) (9.4%) +8.6 +2.1% Capitalisations 23.5 0.5% 28.0 0.6% (4.5) (16.1%) Ebitda 785.8 15.5% 748.6 17.2% +37.2 +5.0% Depreciation and provisions (380.3) (7.5%) (372.2) (8.6%) +8.1 +2.2% Ebit 405.5 8.0% 376.5 8.7% +29.0 +7.7% Financial inc./(exp.) (67.1) (1.3%) (65.5) (1.5%) +1.6 +2.4% Pre tax profit 338.4 6.7% 311.0 7.2% +27.4 +8.8% Tax (96.4) (1.9%) (95.1) (2.2%) +1.3 +1.4% Net profit 242.0 4.8% 215.9 5.0% +26.1 +12.1% Special items - 0.0% 4.8 0.1% (4.8) (100.0%) Net profit 242.0 4.8% 220.7 5.1% +21.3 +9.7% Attributable to: Shareholders of the Parent Company 230.8 4.6% 208.7 4.8% +22.1 +10.6% Minority shareholders 11.2 0.2% 11.9 0.3% (0.7) (6.0%) Balance Sheet (m€) 30/09/19 Inc.% 31/12/18 Inc.% Ch. Ch. % Net fixed assets 6,151.2 108.9% 5,905.1 108.7% +246.1 +4.2% Working capital 109.6 1.9% 115.4 2.1% (5.8) (5.0%) (Provisions) (610.0) (10.8%) (588.2) (10.8%) (21.8) +3.7% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Net equity 2,910.1 51.5% 2,846.7 52.4% +63.4 +2.2% Long term net financial debt 2,846.5 50.4% 2,558.8 47.1% +287.7 +11.2% Short term net financial debt (105.8) (1.9%) 26.8 0.5% (132.6) (494.8%) Net financial debts 2,740.7 48.5% 2,585.6 47.6% +155.1 +6.0% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Results as at 30 September 2019 Results as at 30 September 2019 2019-11-11 13:36:24 Il Gruppo Hera approva i risultati al 31/03/2019

2019-10-03 (drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Communication of the overall amount of voting rights Bologna, 3 October 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 September 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,468,601 1,489,538,745 2,265,606,939 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,608,889 727,608,889 713,470,551 713,470,551 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,929,856 1,523,859,712 776,068,194 1,552,136,388 20191003_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_art_85_bis_RE_eng.1570098629.pdf 2019-07-03 11:18:00 Hera acquires 2.5% of Ascopiave's share capital from Amber

2019-09-26 Announcement of sale of maximum of 14,426,407 ordinary shares of Hera S.p.A. Press release issued upon request and on behalf of n. 8 Public Shareholders of Hera S.p.A. ANNOUNCEMENT OF SALE OF MAXIMUM OF 14,426,407 ORDINARY SHARES OF HERA S.P.A. 26 September 2019 - The Municipalities of Bologna, Castelfranco Emilia, Maranello, Montefiorino, Palagano, Pavullo nel Frignano and Ravenna Holding S.p.A., Rimini Holding S.p.A., public shareholders ("Public Shareholders") of Hera S.p.A. ("Hera" or the "Company") subscribers of a shareholder agreement signed by n. 111 Hera shareholders on 26 June 2018, announce the sale of maximum n. 14,426,407 Hera ordinary shares equal to approximately 1% of the share capital of the Company by means of an accelerated bookbuilding procedure addressed to qualified institutional investors in Italy and institutional investors abroad (the "Transaction"). Mediobanca - Banca di Credito Finanziario S.p.A. will act as Sole Bookrunner of the Transaction. Public Shareholders reserve the right to terminate the sale at any time. Public Shareholders will announce the results of the sale only once completed. The Public Shareholders agreed with the Sole Bookrunner not to sell further shares of Hera for a period of 90 days, without the prior written consent of the Sole Bookrunner. PROMETEIA ADVISOR SIM S.p.A. is acting as financial advisor to the Public Shareholders. COMUNICATO_STAMPA_LANCIO_ABB_eng.1569517915.pdf 2019-09-26 18:39:34 Hera acquires 2.5% of Ascopiave's share capital from Amber

2019-09-26 Conclusion sale of ordinary shares of Hera S.p.A. Press release issued upon request and on behalf of n. 8 Public Shareholders of Hera S.p.A. CONCLUSION SALE OF ORDINARY SHARES OF HERA S.P.A. 26 September 2019 - The Municipalities of Bologna, Castelfranco Emilia, Maranello, Montefiorino, Palagano, Pavullo nel Frignano and Ravenna Holding S.p.A., Rimini Holding S.p.A., public shareholders ("Public Shareholders") of Hera S.p.A. ("Hera" or the "Company") subscribers of a shareholder agreement signed by n. 111 Hera shareholders on 26 June 2018, announce the sale of n. 14,426,407 Hera ordinary shares equal to approximately 1% of the share capital of the Company by means of an accelerated bookbuilding procedure addressed to qualified institutional investors in Italy and institutional investors abroad (the "Transaction"). Mediobanca - Banca di Credito Finanziario S.p.A. acted as Sole Bookrunner of the Transaction. The aggregate proceeds from the sale of Public Shareholders' shares is equal to EUR 53,521,970. The settlement of the transaction is 1st October 2019. The Public Shareholders agreed with the Sole Bookrunner not to sell further shares of Hera for a period of 90 days, without the prior written consent of the Sole Bookrunner. PROMETEIA ADVISOR SIM SIM S.p.A. acted as financial advisor to the Public Shareholders. COMUNICATO_STAMPA_CHIUSURA_ABB_eng.1569526762.pdf 2019-09-26 21:09:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance

2019-09-16 logo_diversity_inclusion_2019_350x.1568272576.png This index, conceived to orient investors interested in companies committed to promoting diversity, inclusion and people development, carries out an annual evaluation of over 7,000 listed companies worldwide. In 2019 as well, the Hera Group reached outstanding results, further improving its raking compared to 2018, confirming itself as the world's leading multi-utility. Diversity and Inclusion Index The "Diversity & Inclusion Index", conceived and carried out by the international financial information giant Refinitiv(the new name for Thomson Reuters' Financial and Risk division), analyses the performance of companies based on a range of ESG (environmental, social and governance) factors, mainly focusing on four areas: diversity, inclusion, people development and news controversy. 150 researchers participate in one of the world's largest and most accurate projects in data collection and analysis concerning companies committed towards these issues, which find significant room in the Hera Group. The multi-utility, indeed, continues to invest in developing internal and personalised career paths, an orientation that has allowed it to reach a percentage of women having roles of responsibility that in 2018 came to 32.3%, increasing over the previous year. The amount of female personnel, which grew overall, is once again higher than the national sector average (24.7%, as compared to 15.9%). Alongside this figure, one must also consider that workers with disabilities account for 4.5% of the company's employees, significantly moving in the direction of inclusion for people with special needs. In terms of work-life balance as well, notably, in 2018 all 71 requests for part-time jobs were accepted. An important contribution also came from training. In 2018, 99.4% of Group employees were involved in training activities, with a per capita average of roughly 30 hours, yet another figure that is higher than the sector average. Among the various initiatives, mention must go to further promotion of smart working and leadership courses, that encourage human resource development based on each worker's characteristics (sex, age, training, ability, aptitude and skills). Nor can one forget the introduction of innovative training activities that use gamification methods, such as the recent Diversity@work, specifically conceived to raise awareness among the company's entire workforce as to a diverse and inclusive environment. Other positive effects unquestionably come from Hera's corporate welfare plan, Hextra, which supports employees and their families in many ways (the overall value of services claimed in 2018 came to 4.2 million euro). Lastly, numerous significant projects give concrete reality to managing plurality, such as scholarships, agreements with summer schools, work-life balance initiatives and arrangements for paid family leave, not only for mothers and fathers but also those who must take care of relatives or the elderly. Not by chance, the results of surveys on the company climate continue to be encouraging and are further confirmed by the lack of news controversies involving diversity and inclusion. The Hera Group's commitment to policies promoting inclusion and diversity, in any case, has a long history. It first took concrete shape in 2009, when the Charter for equal opportunity and equality on the workplace was signed. The introduction in 2011 of a Diversity Manager, whose task involves giving even greater emphasis to developing policies aimed at inclusion and the valorisation of diversity, was also fundamental. With these initiatives, Hera actively contributes to the fifth of the United Nation's objectives for sustainable development (SDG), specifically dedicated to gender equality. "The confirmation of our presence among the world's top 25 companies in the 'Diversity & Inclusion Index' reflects the many policies we have promoted over the years", comments Tomaso Tommasi di Vignano, Executive Chairman of Hera Group. "Our workersare one of the company's key resources and this is why we continually invest in projects aimed at personal and professional wellbeing and development, paying close attention to innovation and inclusion. For the Hera Group, diversity is a value, an integral part of its corporate strategy, and this recognition encourages us to reinforce our commitment in this area to an even greater degree, with projects aimed at supporting the inclusion, integration and growth of our employees." Diversity and Inclusion Index 20190916_Hera_nel_Diversity_Inclusion_Index_ENG.1568275442.pdf 2019-07-03 sinistra 12:35:00 Diversity and Inclusion Index

2019-08-01 (drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Communication of the overall amount of voting rights Bologna, 1 August 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 31 July 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,265,606,939 1,489,538,745 2,266,332,400 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 713,470,551 713,470,551 712,745,090 712,745,090 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 776,068,194 1,552,136,388 776,793,655 1,553,587,310 20190801_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_art_85_bis_RE_eng.1564661783.pdf 2019-07-03 13:04:00 Comunicazione dell'ammontare complessivo dei diritti di voto

2019-07-30 The Hera Group extends the scope of its activities in Tuscany and consolidates its leadership in environmental services for businesses by acquiring the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. 100% of Pistoia Ambiente goes to Herambiente The Hera Group extends the scope of its activities in Tuscany and consolidates its leadership in environmental services for businesses by acquiring the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. Herambiente, a Hera Group company and Italian leader in waste treatment, has acquired Pistoia Ambiente, which manages the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. This transaction, which follows up on others brought to a conclusion in previous years (from Waste Recycling and Teseco in Tuscany, to Geo Nova and Aliplast in Treviso), is part of Herambiente's path of growth in the sector of industrial waste treatment and environmental services for businesses. More specifically, Herambiente has further consolidated its own set of plants dedicated to companies, which is unique nationwide, having over 15 poly-functional sites active in treating industrial waste. The Serravalle landfill and the liquid treatment plant will mainly treat waste coming from industrial contexts, guaranteeing new opportunities for marketing and technical synergies with other the plants and services managed by the Group, furthermore allowing Herambiente to become the reference operator in the waste sector in Tuscany as well. The strategic priority pursued by Herambiente, which can rely on the roughly ninety plants it owns, all certified and at the forefront in bringing together efficiency, competitiveness in costs and sustainability, is to provide companies with waste treatment solutions that follow the principles of a circular economy. The technology currently used in rounding off the circle of waste treatment still requires final waste disposal sites such as landfills, able to safely deal with non-recoverable waste coming from treatment plants. The acquisition of Pistoia Ambiente is therefore in line with this strategic orientation and will guarantee positive results in this area. "With this acquisition, we are continuing to pursue an important strategic development in the industrial waste sector", comments Tomaso Tommasi di Vignano, Chairman of the Hera Group's Board of Directors. "We have completed the waste management chain, which begins with recovery of waste from businesses and comes to a close with the actual disposal of the portion that cannot be recovered. We thus guarantee service continuity and competitiveness to companies that would otherwise be forced to find final solutions abroad or in other regions of Italy, with a significant increase in logistical costs for the industrial sector." 20190730_comunicato_Pistoia_Ambiente_eng.1564502043.pdf 2019-07-30 14:08:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance