The Board of Directors of Hera S.p.A. approves the financial results as of 31 December 2025
Hera Group closes the 2025 financial year with a solid performance, showing growth both in Net Profit and investments compared to the same period of the previous year, fully in line with the company’s objectives and strategic guidelines. The actions implemented by the Group — through its well-established multi-business strategy, balanced between regulated and free-market activities, organic growth and market opportunities pursued through external growth — enabled Hera to maintain a Net Profit adjusted growth trend of 3.9%, while limiting the decrease in EBITDA to 3.2% and in EBIT to 3.3%. These results were also supported by a solid and efficient financial management and by a 28.5% tax rate, slightly lower than in 2024.
Net operating investments also increased, registering +16.7% compared to December 2024, confirming the Group’s continued focus on growth, value creation, and strengthening the resilience of its managed assets.
Shareholders’ equity rose from €3,986.9 million in 2024 to €4,399.7 million in 2025, further reinforcing the Group’s solidity. Finally, the Net Debt/Ebitda ratio stands at 2.57, ROI at 9.6%, and ROE at 11.6%, confirming the robustness of Hera’s capital structure.
| Economic data (mln €) | 2025 | Inc. % | 2024 | Inc. % | Change% 24-25 |
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| Revenues | 12,812.2 | 100.0% | 12,889.7 | 100.0% | (0.6%) |
| Ebitda | 1,537.2 | 12.0% | 1,587.6 | 12.3% | (3.2%) |
| Ebit | 802.9 | 6.3% | 829.9 | 6.4% | (3.3%) |
| Pre tax profit | 710.8 | 5.5% | 688.4 | 5.3% | +3.3% |
| Net profit adj. | 508.3 | 4.0% | 488.1 | 3.8% | +4.1% |
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| Shareholders of Parent Company adjusted | 464.3 | 3.6% | 446.7 | 3.5% | +3.9% |
| Minority shareholders | 44.0 | 0.3% | 41.4 | 0.3% | +6.3% |
Economic data (36 kb - XLS)
To learn more: Financial results Hera has reported since its constitution in 2002: Summary data 2002-2025 (73 kb - XLS)
Page update 25 March 2026
