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The Hera Group is moving swiftly towards the circular economy of the future and has inaugurated, in Imola (Bologna), the first plant of its kind in Europe, capable of regenerating carbon fibre on an industrial scale. It is called FIB3R, a name that reflects the 3 R's that stand at the basis of the project: recover, reduce, reuse. Carbon fibre is thus recovered and reused, reducing the use of virgin fibre and therefore the environmental impact that would be required to produce it. There is one important competitive advantage: the fibre regenerated from FIB3R retains the virgin fibre’s characteristic lightness and high strength, guaranteeing - through a state-of-the-art pyrogasification process - that the regenerated product is ready to be reused, rewoven and/or impregnated, for the high-performance purposes for which this type of material is intended. The number of industrial sectors interested in these outstanding features is increasing, ranging from automotive to aerospace, nautical, furniture, textiles and fashion in the broadest sense, only to give a few examples.   The Hera Group’s commitment to advancing the ecological transition, as well as the expected increase in demand for carbon fibre over the next few years, have led it to anticipate this megatrend, accepting the challenge of applying it to this material as well, on an industrial scale. This will reinforce the virtuous path towards the circular economy that has been the basis of its strategy for years, combining economic growth with environmental sustainability. This path is the right one, as confirmed by the interest of the European Union, which has allocated FIB3R financing coming to more than 2.2 million euro as part of NextGenerationEU for its innovative technology and the strategic importance of the materials processed. The total investment planned by the Hera Group to build the Imola plant amounts to 8 million euro. At present, the plant is expected to produce 160 tonnes of recycled carbon fibre each year, with energy savings coming to 75% compared to virgin fibre. “FIB3R is the first plant of its kind in Europe able to recycle carbon fibre. It is aimed at promoting short and circular supply chains, in line with the strategy of making our served areas more competitive and resilient,” states Orazio Iacono, CEO of the Hera Group. “FIB3R is also a concrete example of how the Hera Group is able to combine technological innovation and sustainability, by exploiting the cross fertilisation between the advanced skills of the Group’s various sectors. Recovering carbon fibre not only reduces the environmental impact of this waste, but also creates new market opportunities in strategic industrial sectors. Investing in this kind of circular infrastructure increases the resilience of production chains, reduces dependence on imports of critical raw materials and, at the same time, creates value through sustainable business models. With over 100 advanced plants and 5 new facilities under construction, we have consolidated our country’s largest and most modern set of plants for material treatment and recovery, strengthening our role as a reference operator in the sector and a driving force for the circular economy in Italy. Our Business Plan confirms this strategy, with 2 billion euro in investments for 2024-2028 destined for regenerating resources, a commitment intended to generate value for all our stakeholders.” The inauguration of the FIB3R plant within the Group’s main facility in Imola, near Bologna, offered a chance to engage in a debate on the future of carbon fibre, combining innovation and sustainability. After the institutional welcome given by Marco Panieri, Mayor of Imola, and Irene Priolo, Councillor for the Environment, Local Planning, Mobility and Transport and Infrastructures of the Emilia-Romagna Region, Herambiente CEO Andrea Ramonda opened the event. This event saw the participation of important representatives of the industrial and academic communities: Davide Abate, Ferrari’s Chief Technologies and Infrastructures Officer; Roberto Frassine, Chairman of Assocompositi; Loris Giorgini, Director of the Department of Industrial Chemistry at the University of Bologna; Raffaella Luglini, Chief Sustainability Officer Leonardo; Horacio Pagani, Founder of Pagani Automobili; Andrea Rangone, Full Professor of Entrepreneurship and Digital Business Innovation at the Milan Politecnico; Ferruccio Resta, Chairman of the Fondazione Bruno Kessler FBK. The meeting came to a conclusion with a contribution by Orazio Iacono, CEO of the Hera Group. For further information Find out more on FIB3R webpage Press release https://eng.gruppohera.it/group_eng/innovation/carbon-fiber-recycling-fib3r fib3r Innovation and performance define the first plant of this kind in Europe to operate on an industrial scale, built in Imola to recycle carbon fibre composites while reducing environmental impact M_fiber-PP_CS (1).png

Binding agreement for 100%. Closing within 1H 2025 The Hera Group continues to grow in the Northeast with the acquisition, from the Marzotto Group, of Ambiente Energia Srl, a company involved in industrial liquid waste treatment at its Schio (Vicenza) plant. In Bologna, a binding agreement was signed for the acquisition of 100% of Ambiente Energia Srl, between Herambiente Servizi Industriali Srl (a subsidiary of Herambiente, which in turn is part of the Hera Group) and Manifattura Lane Gaetano Marzotto & Figli Spa. The acquisition will be closed within the first half of this year, following the usual conditions precedent for transactions of this kind. Transaction in line with the Business Plan to 2028 This transaction is part of the Hera Group’s growth strategy in the Waste management area, as defined by the recently approved Business Plan to 2028. More specifically, Ambiente Energia will extend Herambiente Servizi Industriali’s global waste management offer in one of the most productive and dynamic areas of Italy, where the Group is already well established with its subsidiaries Vallortigara in Torrebelvicino and Marano Vicentino (Vicenza), Aliplast in Ospedaletto d’Istrana (Treviso) and Recycla in Resana (Treviso) and Maniago (Pordenone). A multipurpose plant with an annual capacity of over 120,000 tonnes The Ambiente Energia plant, with an annual capacity of over 120,000 tonnes, thanks to its advanced technology, is able to treat numerous types of liquid waste and sludge, both hazardous and non-hazardous, such as paint and washing water, acids and bases, and water from chemical-physical treatments. The industrial added value of the agreement This capacity will give Herambiente Servizi Industriali greater flexibility and capacity in putting together its waste management and recovery projects proposed to companies in the area. Existing Ambiente Energia customers will have access to the know-how of Herambiente and its subsidiaries to develop resource valorisation and circular economy projects, above and beyond the treatment of liquid waste and sludge. For further information Press release acquisizione-Ambiente-Energia_870 1.png A binding agreement has been signed for the acquisition of Ambiente Energia, based in Schio near Vicenza and part of the Marzotto Group, through subsidiary Herambiente Servizi Industriali acquisizione Ambiente Energia_110.jpg

According to Standard & Poor’s, the Hera Group is the world’s best company in the Multi & Water Utility sector and has been included, for the fifth consecutive year, in S&P Global’s Sustainability Yearbook, for its best performances in three areas: Governance&Economics, Environment and Social. This result comes after Hera was included in S&P Global’s Dow Jones Europe & World Indices, two authoritative international stock market indices that include outstanding listed companies based on their performance in the areas of environmental, social and governance sustainability. More specifically, Hera is in the “Top 1%” of the best performing companies in its sector, with a score of 80/100, compared to a sector average of 35/100. This leadership is based on its exemplary ability to seize “market opportunities” and to carefully control and manage “risks and crisis” and “cybersecurity”. This analysis by S&P’s Global portrays a company at the forefront that, for the fifth year in a row, leads a benchmark made up of outstanding companies in the industry worldwide. Morningstar Sustainalytics has also included the Hera Group in its 2025 list of the best companies in terms of performance in the quality of risk management. In particular, the Group also stood out as “Industry Top Rated”, obtaining a score that places it at the top of its reference sector, alongside companies with one of the highest risk/return profiles, having fully regulated businesses and being highly protected from risks arising from the macro environment. These positive assessments confirm the Hera Group’s ability to pursue a sustainability strategy along a path that includes a constant commitment to developing the entire value chain, with a careful eye to global best practices. These recognitions come shortly after the presentation of the new Business Plan to 2028, in which the aspects highlighted by analysts are confirmed: a company that continues to sustain a significant creation of shared value, which translates into an average annual Total Shareholders Return expected at a double-digit percentage rate. For further information Press release HERA---SPGlobal_Yearbook_Emblem_2025_870 1.png For the fifth consecutive year, Hera has been included in S&P Global’s Yearbook, published today, in the “Top 1%” category among the world's best performing companies in the Multi & Water Utility sector HERA - SPGlobal_Yearbook_Emblem_2025_110.jpg

Acantho, the Hera Group’s digital company, which since October 2023 has also included the telecommunications company Asco TLC, now introduces its new HERABIT logo. Thanks to its fibre optic infrastructure network and four data centres located in Imola, Siziano (Pavia), Santa Lucia di Piave and San Vendemiano (both in the province of Treviso), the HERABIT brand will be used to offer Data Centre, Hybrid Multicloud, Data & Voice Communications, Cyber Security e Smart Solutions services to household customers and private and public companies, with a particularly strong presence in Emilia-Romagna and Northeastern Italy. The new HERABIT logo, which expresses the values of the Hera Group, of which the digital company is part, effectively conveys the key words that sum up its activities: digital innovation through Data Centre services and broadband network connections for businesses. The acronym BIT (Business Innovation Technology), in fact, perfectly encapsulates not only the company's skills, but also its daily commitment to turning technology into a value for the people, communities and companies that live and operate in the areas served, given that a “BIT”, as is well-known, is also the unit of measurement of digital space. This new brand expresses the dynamic evolutionary direction in which the digital company is now headed, in order to make the most of market challenges, with distinctive commercial offers, consistent with the values of the Hera Group, and competitive, sustainable and highly innovative solutions. In particular, this path includes expanding the Data Centre services offered, which are essential to guarantee the security, reliability and operational continuity of customers’ business, enhancing the skills acquired and strengthening synergies with the Hera Group. For further information Press release   Cookies disabled - content not available   HERABIT_Logo_870 1.png Acantho, the Hera Group's digital company, has been renewed to offer increasingly advanced services HERABIT_Logo_110.jpg

BUSINESS PLAN TO 2028, OPERATING AND FINANCIAL HIGHLIGHTS Five-year gross investments at 5.1 billion euro Return on net invested capital at 9.5% Structural growth in Ebitda reaching 1.7 billion euro EPS to rise by approximately 6% CAGR Dividends up 21% (rising to 17 cents per share) and average annual yield at roughly 5% Average annual total shareholder return (TSR) at 11%. Net debt/Ebitda stably below 3x over the period covered by the plan and projected at 2.8x in 2028 BUSINESS AND SUSTAINABILITY HIGHLIGHTS A portfolio balanced between regulated and free-market activities maintained, generating resilient results and capable of grasping emerging opportunities 2.6 billion euro in investments aligned with the European Taxonomy for Sustainable Investments (96% of eligible investments) Shared-value investments amounting to 77% over the entire five-year Plan 45% increase in shared-value (CSV) Ebitda over the period covered by the Plan, reaching 66% of total Ebitda in 2028 Commitment to reduce total CO2 emissions by 37% within 2030 and Net Zero by 2050 confirmed 25% of total investments will contribute to digitisation and innovation, 47% to increasing the resilience of infrastructures to climate change and 60% to the ecological transition 10.8 billion euro in economic value distributed over the 2024-2028 five-year period to stakeholders in the areas in which the Group operates 2024 PRELIMINARY RESULTS, HIGHLIGHTS Ebitda exceeds 1.55 billion euro (+4% vs 2023) Net debt/Ebitda ratio below 2.6x (stable compared to 2023) Dividends forecast at 15 eurocents (+7.1% vs 2023), higher than expected in the previous Plan The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, reviewed the preliminary results for 2024 results and approved the Business Plan to 2028.   Cristian Fabbri, Executive Chairman of Hera Group: “A 5.1-billion-euro investment plan, rising by 46% compared to the previous five-year period and supporting sustainable industrial development that increases the resilience of our infrastructures, will allow us to target a 2028 Ebitda coming to 1.7 billion euro, supported by visible growth, both internal and external. This growth fully meets the objective of creating shared value for all stakeholders: profits will indeed increase by 30% (from 2023 to 2028), as will the contribution coming from sustainable activities to Group Ebitda, reaching 66%. The improvement in the objectives of the new Business Plan, along with the positive forecasted for 2024, allow us to revise our dividend policy upwards, proposing a 7% increase, compared to 2024, as early as 2025, reaching 21% by 2028. The economic value distributed over the 5 years covered by the Plan to stakeholders in the areas in which we operate also grows, to almost 11 billion euro.”   Orazio Iacono, CEO of the Hera Group: "For 2024, we expect to close with Ebitda over 1.55 billion euro, a result supported by all businesses in our portfolio, especially structural activities. This is even more significant when compared to the already outstanding 2023, which was affected by several non-recurring revenue opportunities, above all in the energy sector. This performance allowed us to fund an increase in investments and to further improve our financial solidity, with a net debt/Ebitda ratio below 2.6x, stable compared to the previous year. These good results are perfectly consistent with the new Business Plan, which forecasts 5.1 billion euro in gross investments, of which roughly 3 billion euro will be dedicated to the green transition in the areas served. The significant financial commitment required to support the investment plan, benefitting industrial development, will in any case be financed by a strong cash generation, which will also make it possible to keep financial leverage below the prudential level of 3x through to 2028, confirming our financial solidity and creating further flexibility to seize future opportunities". 2024 PRELIMINARY RESULTS The year that just ended saw a positive performance of the industrial margins of all businesses in the portfolio, with Ebitda expected to exceed 1,550 million euro, as against 1,495 million euro in 2023. The “structural” growth observed in the preliminary results, mainly supported by factors involved in organic growth, is even more significant when compared to 2023 Ebitda adjusted for non-recurring contributions, totalling roughly 100 million euro, at 1,395 million euro. A robust cash generation, also supported by efficient working capital management, allowed the net debt/Ebitda ratio to remain below 2.6x, in line with the 2023 result. Considering these figures, the dividend policy was revised upwards: the Board of Directors is expected to propose a dividend payment of 15 eurocents per share, up 7.1% with respect to the 2023 coupon paid in 2024, to be compared with the 3.5% growth forecast in the previous Business Plan (14.5 eurocents). BUSINESS PLAN TO 2028 The new Plan’s strategic framework confirms creating sustainable value benefiting all stakeholders thanks to a balanced business portfolio as the Hera Group’s goal, developing resilient industrial assets even in a scenario marked by continuous volatility and an increasing frequency of extreme weather events linked to climate change. Creating value: a target of 1.7 billion euro for 2028 Ebitda, with a 30% rise in profits The Group’s strategy focuses on creating value through four main growth levers: an efficient allocation of capital to investment projects with the best sustainability-risk-return profiles, expansion of market shares, an enlarged scope of operations thanks to M&A transactions and efficiency gains in both operating and financial costs. The plan aims to generate value benefiting all stakeholders, through financial, environmental and social sustainability objectives. The plan envisages a structural growth of Ebitda by 475 million Euro to 2028 with a CAGR of +7% exactly reflecting the targets set out in the previous Business Plan. This structural growth will more than compensates the eventual shortfall during the period covered by the Plan of some temporary business opportunities of the amount of 170 million euro and drive in any case Group Ebitda to 1,700 million euro in 2028, up from the previous target of the Plan to 2027. Focus on the sustainable development of the entire regional ecosystem, with steady growth in shared-value Ebitda, at over 1.1 billion euro in 2028 (66% of total Ebitda) The Hera Group has included initiatives in its Plan that have adequate profitability and are consistent with operating-financial balance, which at the same time guarantee that sustainable value creation is enhanced. By maintaining a focus on decarbonisation, circular economy, resilience and innovation, “shared-value Ebitda” is expected to increase significantly, exceeding 1,100 million euro in 2028, as against 776 million euro in 2023, reaching 66% of the Group’s total Ebitda and respecting the target of 70% in 2030. In the 2024-2028 five-year period, shared-value Ebitda will increase by 45%, reflecting the growing weight of initiatives that not only generate margins for the company, but are also in line with the goals on the UN Agenda. Gross investments at over 5 billion euro, with financial leverage remaining below 3x Over the 2024-2028 period, the Business Plan calls for total investments amounting to 5.1 billion euro. This financial commitment is 6% higher than the one included in the previous strategic document and 46% higher than the investments made over the last five years. Indeed, in addition to the 4.6 billion euro of investments directly financed by the Hera Group, almost 500 million in resources will come from the PNRR and other institutions. Of these investments, 61% will be earmarked for regulated businesses, while the remaining 39% will go towards fuelling the growth of free-market businesses. More than half of the investments (2.5 billion euro, or 54%) will be dedicated to networks. Furthermore, approximately 8% of the resources will be used to seize external growth opportunities. In line with the content of the European framework, the Group estimates that operating investments coming to 2.6 billion euro (or 96% of eligible investments) will be aligned with the European Taxonomy for sustainable projects, thus fully accessing subsidised sustainable finance instruments, with benefits also in terms of financial costs. 77% of the investment plan (or 4 billion euro) will go towards initiatives capable of creating “shared-value Ebitda”. For further information Press release Visit Investors web area PrimoPiano_Piano-Industriale_ENG_rev.png Development, resilience and creating value shared with all stakeholders confirmed as the strategic pillars of the new business plan, which allocates more than 5 billion euro in investments to accelerate the achievement of ecological transition targets and further increase the resilience of networks and plants PrimoPiano_BP2024-2028_110x150_eng.jpg

The Boards of Directors of AIMAG S.p.A. and Hera S.p.A. agreed to sign a framework agreement that will introduce a new phase in the project for an industrial partnership between the two parties. The transaction will be subject to the usual conditions foreseen for this type of operation and to all communications and approvals by the competent authorities and bodies. The parties expect to complete the transaction within June 2025. The path includes, among other things, a capital increase in kind consisting of a conferral by Hera to AIMAG of an approximately 45% stake in a Newco to which the activities pertaining to the integrated water service in the province of Modena, currently owned by Hera S.p.A., will be transferred, concerning the management of 7,300 km of networks serving approximately 470,000 thousand citizens. As of now, a single hub for Modena’s water cycle will thus be formed, making possible synergies and integrated developments of the current systems and enabling greater investments and significant improvements in the resilience of the water network. This reinforcement of AIMAG’s capital structure, along with the industrial and financial synergies obtained through Hera’s industrial governance, implying its consolidation line by line in the accounts, will enable an investment plan in the 2025-2028 period amounting to a total of over 250 million euro, for AIMAG and the Newco, to enhance the infrastructures of all portfolio activities, with consequent positive effects for all stakeholders. For further information Press release Gruppo Hera sede di Bologna_870 1.png The agreement calls for a capital increase in kind in the coming months through the conferral to AIMAG by Hera of an approximately 45% stake in a Newco managing the integrated water service in the province of Modena, currently managed by Hera Gruppo Hera sede di Bologna_110 (1).jpg

For the sixteenth consecutive year, we have been been certified as a Top Employer for our labour policies. This is a remarkable achievement, since this certification is among the most significant recognitions internationally given to companies that meet high standards in human resource management by the Top Employers Institute, a global certifier of corporate excellence in HR (Human Resource), based in the Netherlands. Top Employers Certification is awarded to companies that meet the high standards required by the HR Best Practices Survey. The analysis, which is highly attentive and increasingly selective from year to year, covers 6 macro-areas related to human resource management and examines in depth 20 different topics and the respective best practices, including: recognition of people and their professionalism, work environment, career opportunities, training and development, valuing diversity, fairness and inclusion, and well-being. This year the Top Employers programme recognised and certified 2,429 Top Employers in 125 countries worldwide, including the Hera Group. The main strengths that enabled us to achieve this important result are: safety, procurement, sustainability, inclusion, wellbeing and people development. In these areas, investments coming to 60 million euro have been planned for the 2024-2027 four-year period in staff training, a third of which will be dedicated to safety. 2,600 new hires are also foreseen along with many initiatives for the development of new skills, to support parents, frail people, caregivers and to valorise different abilities. The Group’s investment in and commitment to the growth and wellbeing of its people includes combating gender-based violence and promoting inclusion. The good quality of life of the Group’s over 10,000 employees is also supported by its extensive welfare plan, offering them a wide range of services, in which the company invests 18 million euro every year. The most significant initiatives include free psychological support sessions, personalised diet plans and sessions with physiotherapists and posturologists, health promotion and prevention programmes with free check-ups and screenings, initiatives to support parenting and childhood education, and sustainable mobility. For further information Press release Primo_Piano_Top_Employer_Italy_2025 (3).png We have been confirmed as one of the best companies in Italy and worldwide in human resource management, thanks to its commitment to combining corporate growth, collective wellbeing and sustainable development primo_Piano_Top_110x150 (2).png

The Hera Group has started the year with a new milestone in sustainable finance. The first Italian company to issue a green bond in 2014, today Hera successfully launched its fourth green bond, covered by its "Euro Medium Term Note Programme" (EMTN) bond issue plan, recently updated and increased in its maximum amount. This bond respects the Group’s Green Financing Framework (GFF), prepared on the basis of ICMA principles, aligned with the criteria of the European Taxonomy and certified by an independent firm. The issue attracted significant interest from international investors, receiving orders for approximately 2.75 billion euro, almost 5.5 times the amount offered. With this issue, Hera has once again given the market an opportunity to finance the Group’s strategic projects aimed at the green transition and aligned with the Taxonomy, once again confirming itself internationally as a reference company for sustainable finance. The characteristics of the Group’s fourth green bond and the areas financed The fourth green bond of Hera Group amounts to a total of 500 million euro, repayable in 6.5 years with a 3.250 % coupon and a 3.396% yield. The settlement date of the new issue has been scheduled for 15 January 2025. This green bond consists of senior, non-convertible, unsecured notes, intended for circulation among qualified investors. The new green bond is also expected to be assigned a rating in line with Hera’s. The transaction saw significant participation coming from international investors (in particular, Great Britain, France and Germany), mainly green and sustainable, confirming the interest towards the Group coming from abroad. The bond is expected to be listed, as of the issue date, on the regulated market of Euronext Dublin and, at the same time or at a later date, on the regulated market of the Luxembourg Stock Exchange and on the ExtraMOT PRO multilateral trading system managed by Borsa Italiana. The funds raised will be used to finance or refinance numerous projects, already ongoing or included in the Group’s Business Plan, selected on the basis of the Green Financing Framework (GFF), which work towards one or more of the goals on the UN’s 2030 Agenda for Sustainable Development (SDGs), subdivided into 3 areas: 1. integrated water cycle (aligned to SDGs 6, 13 and 14): construction and extension of infrastructures for water collection, treatment and supply, with projects for wastewater collection and treatment; 2. circular economy, pollution prevention and control (meeting SDGs 11, 12 and 13): advanced projects in plastics regeneration, anaerobic digestion of organic waste for the production of compost and biomethane, and waste collection and transport systems; 3. energy efficiency and infrastructures (consistent with SDGs 7, 11 and 13): production of renewable electricity through photovoltaics and geothermal energy, development of district heating networks, installation, maintenance and repair of energy efficiency equipment and renewable energy technologies, including electricity transmission and distribution grids. For further information Press release   sede_bo_870 margini arrotondati.png Maturing in 6.5 years, it will fund the Group’s strategic capex plan focused on sustainable and resilient management of the integrated water cycle, in the circular economy for regenerating resources and in the energy transition for developing renewables and energy efficiency sede_bo_110 (2).jpg