Hera applies a balanced policy between fixed and variable rate, in order to seize the opportunities offered by the market. As of September 30, 2025, medium/long-term debt consisted of bonds for 80% of the total, all repayable at maturity. Medium/long-term debt—94% of which is at a fixed rate—had an average residual maturity of about five years, with 51% of the debt maturing beyond five years.
The debt structure as of 30 September 2025 is broken down by structure and by fixed/variable rate as shown:
Debt maturity
Liquidity risk for the Group may arise from difficulties in obtaining funding to support its operations in an acceptably short time. Cash flows, financing needs and liquidity of the Group’s companies, are centrally monitored and/or managed, under the control of the Group’s Treasury Department, in order to ensure an efficient and effective management of financial resources.
The Hera business plan aims to conduct business activities with no financial risk.
M/L debt maturity profile as at 30/09/2025*
| YEAR | 2025 | 2026 | 2027 | 2028 | 2029-2040 | TOTAL |
|---|---|---|---|---|---|---|
| Debt maturity |
185.7 |
386.0 |
470.8 |
784.6 |
3,154.8 |
4,981.9 |
*Base scenario
Page update 12 November 2025
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