Risk profile

Hera business has a very conservative risk profile being built up by primary utility services with an anti-cyclical demand. Furthermore:

• 51% of the results (Ebitda) relates to "regulated" activities (distribution of energy, water business and household waste collection)
• 49% of liberalised activities (sales and trading of energy, power generation, industrial waste treatments) where Hera highlights primary and defendable market positions.

Diversification and balanced mix of the business, high percentage of regulated activities, strong market position reduce possible negative effects caused by the unfavourable macro economic scenario on Group's results.