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Financial targets

In line with the Group's history, the new Plan continues to expect growing results, thanks to a scenario that shows good opportunities in the areas in which Hera operates. The goals of increasing value creation, cash generation and dividends have been confirmed. Ebitda in 2023 is expected to grow by +219m€ compared to the previous plan, reaching a total of 1,250 million Euro.

Ebitda drivers



  • Ebitda

    Reaching an Ebitda coming to 1,250 m€ in 2023, with +219 m€ in growth (up compared to the target included in the plan to 2022).

    1,250 mln €

    DescriptionThis objective is to be reached through 16 different growth levers, both internal (+188m€) and external (+107m€), able to offset a few negative effects foreseen (-76m€).

    The preliminary year-end data for 2019 indicates growth in Ebitda coming to +50m€, despite the -44m€ in negatives foreseen for the fall in earnings in protected customers and the end of a few incentives for renewables. In the first year of the plan, the preliminary data indicates that 23% of the five-year growth projected by the business plan to 2023 has been reached.

    target finanziari ebitda


  • Financial position

    Maintaining the Net debt/Ebitda ratio at 3.0 in 2023 (improving compared to the target included in the plan to 2022).


    DescriptionThe plan foresees a generation of working cash flow accumulated over the five years amounting to 4.2b€ (up 300m€ compared to the plan to 2022).

    The preliminary year-end results for 2019 show a decrease in the Net debt/Ebitda ratio, from 2.6 to 2.5.

    target finanziari della Posizione finanziaria

  • Dividends

    Paying higher dividends: from 10 cents per share in 2018 to 12 cents per share in 2023 (+20% compared to the last dividend paid in 2018).

    12 c€


    The plan’s cash generation allows for a policy of increasing dividends, guaranteeing better financial solidity in 2023 than in the previous plan. Dividends are expected to rise by 0.5 euro cents “every year” (instead of every 2 years, as in the previous business plan).

    Dividend policy


    The shareholders’ meeting held on 30 April 2019 approved the allocation of a dividend of 10 cents per share, which was paid on 26 June 2019.

    target finanziari del Dividendo



The Hera Group has reached the goals set in its last three five-year business plans (to 2017, 2018 and 2019), demonstrating that it is capable of operating with stability and solidity, able to guarantee a continuous creation of value for its stakeholders, slightly outperforming its operating-financial targets.


Page updated 10 January 2020

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