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12/11/2025
Hera Group: BoD approves results for 3Q 2025

The first nine months of the year closed with strong growth in revenue and investments, and with all key operating and financial indicators positive, in line with the first two quarters and the targets set out in the Business Plan

Operating and financial highlights

  • Revenue rises to 9,365.6 million euro (+10.6%)
  • EBITDA stable at 1,037.2 million euro
  • Net profit for the period up to 324.6 million euro (+4%)
  • Gross operating investments at 666.8 million euro (+18.8%) 
  • Net financial position at 4,147.2 million euro and net financial position/EBITDA ratio at 2.6x, an improvement compared to September 2024
  • Return on invested capital increases, with ROI at 9.9% 

Key industrial guidelines

  • Organic growth of the multi-business portfolio. The strong performance of the water and waste sectors offsets the absence of the temporary opportunities seized in 2024 within the energy segment.
  • Expansion of the operational scope. Strengthening continues through M&A and joint venture initiatives (Ambiente Energia, CircularYard) and through the full consolidation of subsidiaries EstEnergy, Hera Comm, and Aliplast via the acquisition of minority interests.
  • Value creation capacity. Solid operating performance and efficient financial management support earnings growth and the profitability of invested capital.
  • Ample room for development. Cash generation and financial flexibility provide the basis for new organic and external growth initiatives, consistent with the objectives of the Business Plan.

Today, the Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated quarterly report at 30 September 2025, which confirms a positive structural performance and strong growth in revenues and investments compared to the same period of the previous year. 

 

Cristian Fabbri, Executive Chairman of the Hera Group:

“Over the past nine months, leveraging cash generation and our strong financial flexibility, we have focused on the Group’s structural growth: we have doubled our operating investments aimed at development, increasing investments by almost 20% in both regulated sectors and free-market businesses. We furthermore completed a number of M&A transactions and repurchased the minority stakes in EstEnergy, Aliplast and, at the beginning of October, Hera Comm, all of which are now 100% owned. These persistent growth drivers, combined with the strength of our multi-business portfolio, enabled us to offset the loss of certain temporary opportunities and resulted in an increase in return on equity, now close to 10%. These results demonstrate that we are fully on track to achieve the objectives set out in our Business Plan.”

 

Orazio Iacono, CEO of the Hera Group:

“Strong operating performance and steps towards financial optimisation supported growth in net profit attributable to Shareholders, which rose by 4.2%. The macroeconomic scenario remains complex, but signs of stabilisation in the energy market, combined with our ability to generate cash flow and margins – with the net debt/EBITDA ratio at 2.6x – now allow us to pursue development opportunities with even greater momentum. One non-negotiable principle remains at the heart of our industrial strategy: sustainability must go hand in hand with competitiveness. All our investments in technologies and services aim to strengthen this connection, improving resilience, innovation and the quality of our offer. Only in this way can we reconcile the Net Zero 2050 target with the growth of local areas and the well-being of communities.”

 

Double-digit growth in revenue, at 9.4 billion euro
At 30 September 2025, the Hera Group’s revenue amounted to nearly 9.4 billion euro (9,365.6 million euro), increasing by more than 894 million euro compared to the same period in 2024, up +10.6%, mainly linked to the increase in energy commodity prices and the higher value of gas and electricity volumes traded.

EBITDA stable at 1,037 million euro
EBITDA for the first nine months of 2025 remained substantially stable with respect to the previous year, amounting to 1,037.2 million euro. Lower margins in the energy areas (–23.3 million euro) were offset by positive results in the water cycle and waste management services. The comparison with 2024 should however take into account the 85 million euro in extraordinary margins recorded that year, linked to temporary non-recurring opportunities (mainly last resort markets and eco-bonuses). Adjusted for these effects, EBITDA at 30 September 2025 shows structural growth coming to 9%, supported by contributions from all the Group’s core businesses, exceeding the 7% average annual growth rate forecast in the Business Plan for the period to 2028.

Profit before income tax above 457 million euro
Ebit for the first nine months stood at 519.9 million euro, down slightly (-0.5%) compared to the same period in 2024, mainly due to the increase in depreciation and amortisation linked to new investments in regulated sectors and waste treatment, while provisions decreased thanks to the normalisation of the energy market. Effective operational and financial management, which saw a 27.5 million euro reduction in expenses thanks to a rationalisation of the debt structure and a reduction in IAS expenses, led to a profit before income tax of 457.2 million euro, up 5.5% compared to the 433.5 million euro seen at 30 September 2024. 

Net Profit up 4%
Despite the increased tax rate, at 29% (vs 28% the previous year), net profit at 30 September 2025 reached 324.6 million euro, up 4% compared to 312.1 million euro in the same period of 2024. At the same time, net profit attributable to Group Shareholders also grew, reaching 294.7 million euro (+4.2% compared to 282.9 million euro at 30 September 2024).

Strong growth in operating investments and confirmation of the Group’s financial solidity
At 30 September 2025, operating investments, including capital grants (34.2 million), amounted to 666.8 million euro, up by almost 106 million compared with the same period in 2024 (+18.8%). The areas that benefited most from development and regulatory compliance measures were the integrated water cycle (over 243 million euro in investments, 68 million euro more than the figure seen at 30 September 2024), the waste management area (almost 30 million euro more over one year) and the gas area (+11 million). 

 

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Asset Publisher

12/11/2025

Hera Group: BoD approves results for 3Q 2025

The first nine months of the year closed with strong growth in revenue and investments, and with all key operating and financial indicators positive, in line with the first two quarters and the targets set out in the Business Plan
13/10/2025

We’re in the global Top 10 of the Diversity & Inclusion Index - No. 1 among Italian companies

For the tenth consecutive year, we are ranked among the 100 most inclusive companies worldwide
30/07/2025

Hera Group approves results for 1H 2025

The consolidated half-year report at 30 June shows increased net profit and capital expenditures, in line with corporate strategies and the targets contained in the Business plan
22/07/2025

Hera Group acquires Ambiente Energia

This transaction further expands the offer of waste recovery and treatment services to companies in one of the most dynamic areas of the country
17/07/2025

Hera Group: excellent quality of water service confirmed

The results of the incentive mechanism for the integrated water service for the two-year period 2022-2023, recently published by ARERA, show Hera among the top positions in the Italian ranking for both asset and service quality 
14/07/2025

Hera Group on CDP’s «Climate A list»

The recognition awarded by this independent international organisation bears witness to Hera’s concrete commitment to transparency in environmental reporting and to combating climate change
02/07/2025

Herambiente S.p.A. acquires 100% of Aliplast S.p.A.

The Hera Group company concludes its integration of this European leader in recycled plastic, which began in 2017, by purchasing the remaining 20% of the company from Rogroup S.r.l
25/06/2025

Hera Group approves Code of Conduct for suppliers

The Code reinforces Hera’s commitment to promote a more responsible supply chain, aligning it with the company’s sustainability principles and ethics
18/06/2025

Hera Group ranks 2nd in the ESG Identity Corporate Index 2025 (ex IGI)

On the tenth anniversary of the ESG Identity Corporate Index, Hera also received recognition for performance and continuity as Strongest Performer, Best Finance Identity and Best Transition Identity among Large Cap companies.
14/05/2025

Hera Group BoD approves results for 1Q 2025

Improvement in the main operating and financial indicators. Growth in investments and the reduction of financial debt also continued

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05/04/2022

Resignation of the CEO of Hera S.p.A.

The Board of Directors of Hera S.p.A., after meeting today, acknowledged the resignation of Stefano Venier as Chief Executive Officer. His resignation will become effective on 26 April 2022, and on the same date all his other positions related to the board will cease. For his replacement, the appropriate bodies have already begun to act, according to the procedures provided for by the Articles of Association. The Board of Directors would like to thank Stefano Venier, who has worked for Hera S.p.A. since 2004, for the important work he has done over the years, working alongside the top management and the entire organisation, and wishes him the utmost success in his new professional career. For further information Press release banner_top_venier.jpg Venier_110.jpg
31/03/2022

Statement by the Executive Chairman Tomaso Tommasi di Vignano on the new appointment of Mr. Stefano Venier

First of all, I would like to congratulate the Chief Executive Officer Stefano Venier on his new appointment, which represents the right recognition of the great work he has done within the Hera Group. It would be really complicated, in short, to retrace all the steps of a human and professional path which, since 2004, has led Mr. Venier to be a key player, alongside myself, in the numerous projects that have shaped the Hera Group into what it is today. t was a real pleasure to be able to work closely with him and to immediately benefit from his inquisitive nature and managerial skills, which were undoubtedly also contributing factors to the winning formula behind the company's growth and sustainable development. In the next few days, I will put the competent bodies into action in accordance with the procedures laid down by our Articles of Association. Hera Group Executive Chairman Tomaso Tommasi di Vignano tommasi_venier_870.jpg Tommas Venier_110.jpg
23/03/2022

Hera Group approves results at 31/12/2021

The year ended positively, with all operating and financial indicators up compared to 2020. Financial solidity, the pursuit of sustainable development and the value creation for local communities served all confirming the strong track record, enabling Hera to stand by its stakeholders and provide support. Proposed dividend revised upwards, now set at 12 cents per share. The Hera Group closed the year 2021 with positive results, despite the complex scenario seen in Italy due to the ongoing Coronavirus emergency and, in the second half of the year, high volatility in the energy market. Thanks to its solid and efficient multi-business model and its good operational, financial and fiscal management, Hera managed to keep its results growing while pursuing sustainable development. It also succeeded in supporting its stakeholders, first and foremost its customers, with concrete actions such as bill instalment plans to enable them to meet their payments. More generally, the Hera Group prolonged the path of uninterrupted growth that has characterised it since it was founded in 2002, continuing to leverage its own strategy: a balanced mix of internal and external growth, with significant economies of scale and an extraction of synergies that exceed expectations. All this was accompanied by a wide range of initiatives for the energy transition, the circular economy and technological evolution, consistent with the path set out in the Business Plan to 2025, which aims to stand beside local areas in recovery, while respecting European strategies and the goals of the UN’s 2030 Agenda. “In 2021 our commitment to pursuing the creation of value for the company and our stakeholders, with sustainable development, once again enabled us to achieve positive results and implement actions to support the environment in which we operate, starting with our customers. We will continue to do so in spite of the current scenario, which remains complex, and we look to the future by focusing on two factors that have always distinguished our twenty-year history: concreteness and solidity. Our decision to increase the dividend to 12 cents per share, in line with what we announced when we presented our new Business Plan, is a step in this direction and will benefit our shareholders, who will be able to count on higher income to face the current difficult situation. Risk prevention and management, moreover, is one of the strategic guidelines underpinning our Plan; it translates into the medium- to long-term approach required to anticipate actions and thus offset the risks to which utilities are exposed, deal with complexities and continue to guarantee service quality and continuity”. Executive President, Tomaso Tommasi di Vignano, went on to say at the end of the Board of Directors meeting of 23 March. Chief Executive Officer, Stefano Venier, added: “The positive results achieved in 2021 show a further reinforcement of the company’s financial solidity, confirmed among other things by the net debt/Ebitda ratio, now at 2.66x, an improvement compared to the previous year. The positive cash flow allowed us to make greater investments, with positive repercussions for the areas in which we operate, in terms of both service quality and the induced economic activity created. Our greater solidity allows us to face the current complex scenario with confidence, continuing to guarantee investments and support for our stakeholders, with sustainability fully integrated into our business strategies. This is confirmed by the increase of over 25% in shared value Ebitda, which rose to 570.6 million in 2021 and accounted for 46.6% of total Ebitda, with the aim of reaching 70% in 2030”. For further information Press release Interactive 2021 annual report Visit Investors area 2021 sustainability report Sustainability Report Highlights testatina_interna_BS_BE.jpg BE 2021
24/02/2022

Top Utility 2022: Hera Group wins first prize overall

On the occasion of the tenth edition of this award, reserved for public utility companies, we received the first prize overall among the companies analysed According to Top Utility, we are the leading Italian utility in terms of economic and financial policies, sustainability, research and innovation, communication and the positive effects on the areas served. This prize has been assigned over the last ten years following an analysis of the main companies in the water, energy and waste management sectors, carried out by a research team from Althesys, a consultancy firm specialising in the public utility sector. The award ceremony was held during an online event entitled “Digitalization and sustainability for the future of Italian utilities”. Our best practices rewarded over the 10 years of Top Utility In particular, this year we were awarded the overall Top Utility prize for the following reasons: “For the excellent results achieved in all areas analysed, with particular reference going to stakeholder relations, transparency and communication. Hera has also confirmed itself at the forefront in digitalising business processes and in the sustainability of operations”. This is the second time that we have received this important award, an even more significant achievement since this marks the twentieth anniversary of our establishment, which occurred in 2002 when 11 municipal companies in the Emilia-Romagna region merged. Looking to the future: a focus on generating shared value These two anniversaries are important in conceiving the future of this sector, examining the growth and evolution that municipal utilities have undergone to date and the strong impact they have had on local communities. In this sense, the core of our strategy and identity consists in uninterrupted economic growth accompanied by sustainable development of its businesses and the areas served. Top Utility centrata Top Utility For further information /-/top-utility-2022-hera-group-wins-first-prize-overall Press release Top Utility Top Utility 2018-01-30
01/02/2022

We won 2022 sustainability gold medal from S&P Global

For the second time in a row, we have been awarded the S&P Global Gold Class Sustainability Award. This is the highest recognition reserved for listed companies included in the Dow Jones Sustainability Index We are once again a global gold medal winner for sustainability, for the second consecutive year. The S&P Global 2022 Gold Class award was announced together with the publication of the 2022 Sustainability Yearbook, the report containing the analyses carried in order to be included in the latest edition of the Dow Jones Sustainability Index (DJSI). This document highlights the results achieved, which make us leader in all three aspects evaluated in Environment, Economic & Governance and Social, for our ability to efficiently manage resources, seize market opportunities and ensure stakeholder involvement. In the Dow Jones Sustainability Index (DJSI), the authoritative international stock exchange index which evaluates listed companies based on ESG aspects, we were confirmed as the international leader in the Multi-Utilities & Water sector, reaching a score of 90/100, compared to an average of 39/100. Gold Class 2022 Gold Class 2022 For further information /-/hera-wins-2022-sustainability-gold-medal-from-s-p-global Press release /group_eng/investors Visit Investors web area /group_eng/sustainability/social-responsibility Visit Social Responsibility web area Gold Class 2022 Gold Class 2022 2019-05-27
27/01/2022

Hera Group approves Business Plan to 2025

The new five-year strategic document builds on the Group’s path of growth, with investments coming to over 3.8 billion and concrete energy transition and circular economy projects A Plan that combines growth, value creation and sustainable development Today, the Hera Group’s Board of Directors approved the Business Plan to 2025, which consolidates the Group’s commitment to balanced and sustainable development in all business areas, with the aim of continuing to create value for shareholders, local areas and the communities served. With Ebitda expected to reach 1.4 billion in 2025 and investments totalling approximately 3.8 billion over the period covered by the Plan, this five-year strategic document shows increases in all main targets and outlines a wide range of actions for the energy transition, the circular economy and technological evolution, with concrete and innovative projects that will also benefit from funding opportunities coming from the Recovery and Resilience Plan. 20 years of uninterrupted growth, and 2021 Ebitda expected to total over 1.2 billion euro The new Plan is based on a trend of uninterrupted growth, as is proven by Group Ebitda, which has increased more than sixfold in 20 years. This consistent and linear path has been seen since the establishment of the Hera Group, which is characterised by a full correspondence between the commitments made and the initiatives implemented, capital and financial solidity and a multi-business strategy that balances regulated and free market activities, internal growth and M&A transactions. This model, which has proved its resilience and capability of supporting stakeholders, even during adverse scenarios, has enabled the Hera Group to consolidate leading positions in all business areas. Three focal points of the Business Plan to 2025: environment, socio-economic factors and innovation In a context undergoing recovery, with an increasing emphasis on sustainability and the utilities sector set to benefit from the most significant share of the Recovery and Resilience Plan, the Hera Group will be able to continue to leverage the competitive position it has cultivated over the years and thus grow. In full compliance with national and European policies and the objectives on the UN’s 2030 Agenda, which have been guiding Hera’s strategies for some time, all projects in the Business Plan to 2025 are structured around three focal points: the environment, socio-economic factors and innovation, with initiatives for the green and digital transition, capable of generating positive effects in the areas served. A strong increase in investments, coming to over 3.8 billion euro, thanks to the Group’s financial solidity The Plan to 2025 calls for a sharp increase in investments, amounting to more than 3.8 billion euro, or approximately 770 million per year. This is a very significant rise – equivalent to 60% – compared to the average seen over the last five years, and is possible thanks to its solid financial structure, reinforced over the years and in 2021 as well. Investment allocation combines internal development opportunities with actions to increase system resilience (accounting for roughly 1.2 billion). Significant investments for innovation will be made in all business areas and support will be given to the ongoing transition. In general, of the total investments envisaged in the Plan, more than 1.7 billion are aligned with the criteria with which the European Taxonomy identifies opportunities that contribute to environmental policy objectives, in particular the two areas regulated for now, relating to mitigation of and adaptation to climate change. Furthermore, many of these interventions respect the directions indicated by the Recovery and Resilience Plan. Business Plan to 2025 Business Plan to 2025 For further information /-/hera-group-approves-business-plan-to-2025 Press release /group_eng/investors Visit Investors web area /group_eng/investor-relations/hera-overview Hera Overview Business Plan to 2025 Business Plan to 2025 2019-05-27
26/01/2022

We're in the 2022 Bloomberg Gender-Equality Index

This year, for the third year in a row, we have been included in the international index assessing gender equality, diversity and inclusion In 2022, we have been included, for the third consecutive time, in the Bloomberg Gender-Equality Index, confirming and improving its results in all areas analysed. We stand out most importantly for our transparency in disclosure on these issues, as well as our inclusive corporate culture and our attention towards women in many areas, including equal pay. We obtained an overall score slightly above 80%, a significant increase over the previous year and better than both the sector average and the Italian companies analysed. This year, the index included 418 listed companies from 45 countries, selected from over 11,700, reflecting the international financial community’s growing interest towards companies with outstanding diversity policies. Our presence in the 2022 Bloomberg Gender-Equality Index confirms the attention we have always reserved for these issues, following a path it has enhanced over time. Diversity policies are in fact an integral part of our business strategies. For over 10 years, a company Diversity Manager, accompanied by a team of female and male colleagues from different areas, has been committed to promoting diversity both inside and outside the Group, supporting initiatives intended to raise awareness and support, and developing projects geared towards these priorities. Promoting diversity, inclusion and people development is also central to human resource management. Professional growth takes place regardless of gender, and equal access is ensured by meritocratic systems that are guaranteed to be applied, with compensation and benefits tools linked to performance, role complexity and market comparisons. We count 32.6% of women in roles of responsibility and, more generally, a 26.7% share of female staff, higher than the national average for the sector (2020 data). Bloomberg Gender-Equality Index 2022 Bloomberg Gender-Equality Index 2022 For further information /-/hera-group-in-the-2022-bloomberg-gender-equality-index Press release /group_eng/investor-relations/hera-overview/creation-of-shared-value Diversity and inclusion in Hera Group https://www.bloomberg.com/company/press/bloomberg-2022-gei/ Bloomberg Gender-Equality Index Bloomberg Gender-Equality Index 2022 Bloomberg Gender-Equality Index 2022 2019-05-27
20/01/2022

Top Employer for the 13th time

Once again among Italy’s highest ranked employers, this year second place overall among companies nationwide for outstanding human resource management. Training, welfare and digitalisation among our strong points. The start of a new year is always an occasion to look back in time, but even more so to look forward, taking a look at results and focusing on new objectives. 2022 marks the twentieth anniversary of our establishment. This is why receiving Top Employer certification for the 13th consecutive year, a sign of excellence in human resource management, is even more significant. After gaining recognition as the best company in 2020 and 2021, we have found our place on the podium this year as well, ranking second overall in Italy among the 1,600 companies analysed by the Dutch Top Employer Institute. How? Over the years, we have provided ourselves with the best technologies, projects and initiatives to invest in the skills and well-being of workers and select the most interesting talent on the market. One aspect which is increasingly crucial on the workplace as well, especially considering the changes in external contexts, is the care given to relations, which must be seen as real capital. We have decided to invest in this area, through means including training and corporate culture. HerAcademy, our corporate university, plays a leading role in this field, and at the end of last year it organised a conference entitled “The evolution of social and relational dynamics for the ‘rebirth’ of work”, an event which called on leading figures from the world of business, academics and professionals. The goal was to compare experiences and practices, demonstrating that only by being part of a solid and motivated team is it possible to meet the challenges awaiting us outside and inside organisations. Moreover, we have always stood out for its organisational methods, promoting agility in work, safety and the value given to the uniqueness of people, all within a context highly exposed to change. Alongside the increasing importance of training and welfare, along with a corporate culture dedicated to the inclusion of diversity, we have proven able to meet the challenge of digitalising services and therefore professional activities. Within this process, which is now in full swing and covers all company activities, even the most operational, employees have been accompanied but above all listened to, trying to understand and share their needs. Top Employer Italy 2022 Top Employer Italy 2022 For further information /-/hera-top-employer-for-the-13th-time Press release /group_eng/working-at-hera-group Visit "Working at Hera Group" area /group_eng/working-at-hera-group/heracademy Visit "HerAcademy" area Top Employer Italy 2022 Top Employer Italy 2022 2019-05-27

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Hera SpA, Viale Carlo Berti Pichat 2/4, 40127 Bologna, Tel.051287111 www.gruppohera.it