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Business and financial highlights Revenues at 6,786.2 million euro (+18.7%) Ebitda at 721.7 million euro (-1.5%) Net profit for Shareholders at 229.3 million euro (+5%) Gross operating investments at 414.0 million euro (+20.2%) Net financial debt at 3,927.1 million euro (-0.9% compared to December 2024), with Net debt / Ebitda at 2.49x (-7.5% compared to June 2024) Return on investment improves, with ROI rising to 10.3% and ROE to 11.5% The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated results at 30 June 2025. The results for the first half of 2025 show a positive structural performance, with growth in net profit and capital expenditures compared to the same period of the previous year. The Group’s solid multi-business industrial model, balanced between regulated and free market activities, along with its efficient financial management, allow Hera to continue along its path of growth, both internally and through acquisitions, increasing the value and resilience of its assets and contributing to the sustainable development of served areas and the creation of value for all stakeholders.   Cristian Fabbri, Executive Chairman of the Hera Group: “In the first half of the year, we continued to increase our creation of value by leveraging the Group’s industrial growth and financial solidity. Cash generation allowed us to finance investments coming to over 400 million euro, up 20%, with the greatest increases going towards plant development in the waste management area and water cycle resilience. The solidity of our balanced business portfolio is reflected in the rise of Return on Equity, which stands at 11.5%. These results show that we are on track with our Business plan.”   Orazio Iacono, CEO of the Hera Group: “Good operating performance and financial optimisations supported a 5% increase in net profit attributable to shareholders, which reached 229.3 million euro. These results confirm our ability to continue our path of growth, even in a complex macroeconomic scenario, keeping our focus on resilience, sustainability and innovation. The positive cash generation contributed to a further reduction in net debt, bringing the net debt/Ebitda ratio to 2.49x, which gives us significant strength for targeting future growth opportunities.”   Revenues rise to 6.8 billion euro Revenues for the first half of the year amounted to 6,786.2 million euro, up sharply from the 5,716.5 million euro seen at 30 June 2024 (+18.7%), mainly due to higher energy commodity prices and the higher value of trading. Ebitda at 721.7 million euro The result was underpinned by a strong growth in all businesses (+7% increase), visible in a comparison on a like for like basis with first half 2024 Ebitda (733 million euro) excluding the temporary opportunities (mainly linked to last resort markets and the super ecobonus) amounting to approximately 56 million euro. First half 2025 adjusted growth is fully in line with Business plan targets. Net operating result stable and result before taxes increases Ebit for the first six months of 2025 amounted to 383.2 million euro, as against 385.1 million euro in the first half of 2024, as a result of lower provisions mainly related to last resort markets, which more than offset higher depreciation and amortisation for the substantial capital expenditures in development, especially in the regulated sectors. Net profit for Shareholders rises to 229.3 million Despite the increased tax rate, at 29% vs 28% in the first half of 2024, net profit at 30 June 2025 rose to 249.4 million euro, up (+5.1%) from 237.3 million euro in the same period of 2024. Similarly, net profit attributable to the Group’s shareholders also rose, reaching 229.3 million euro (+5%), compared to 218.4 million euro at 30 June 2024. These results once again confirm the creation of value for all stakeholders, perfectly in line with the expectations of the Business plan. Operating investments up by 20.2% and Group solidity further strengthened Operating investments, including capital grants, amounted to 414.0 million euro (+20.2%) in the first half of 2025, as against 344.4 million euro at 30 June 2024. This increase was mainly due to the performance of water and waste sectors. Net financial debt stood at 3,927.1 million euro, an improvement over both the 3,963.7 million euro at 31 December 2024 and the 4,063.5 million euro seen in the first half of 2024, thanks to the positive cash flow that fully covered increased capital expenditures and dividend payments.   For further information Press release Visit Investor Relations web area BANNER_PP_ENG_1H2025.png 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 img_110x150_1H2025.jpg

Acquisition signed after last February’s binding agreement Herambiente Servizi Industriali finalised the acquisition, from Manifattura Lane Gaetano Marzotto & Figli, of 100% of the capital of Ambiente Energia, a company operating in liquid industrial waste treatment at its plant in Schio, near Vicenza. This closing concludes the process that began on 27 February, when a binding agreement was signed by the two companies. Transaction in line with the 2028 Business Plan More specifically, Ambiente Energia will extend Herambiente Servizi Industriali global waste management offer in one of the most productive and dynamic areas of the country, where the Hera Group is already established with its subsidiaries Vallortigara Servizi Ambientali with two plants in Vicenza province, Aliplast in the Treviso area and Recycla with two plants in Treviso and Pordenone. A multi-purpose plant with an annual capacity of over 120,000 tonnes Ambiente Energia plant, with an annual capacity of more than 120,000 tonnes, thanks to state-of-the-art technological equipment, treats numerous types of liquid and sludge waste, both hazardous and non-hazardous, such as, for example, water from painting and washing, acids and bases, and water from chemical-physical treatments. Its services are thus completely designed for the industrial districts of the Veneto region, including the textile, tanning, engineering and eyewear industries. The purification plant, which returns water to surface waters after treatment, has 41 storage tanks, a wastewater treatment line (both chemical-physical and biological) and a sludge treatment line. For further information Press release   Ambiente Energia_870_ROUNDED.png This transaction further expands the offer of waste recovery and treatment services to companies in one of the most dynamic areas of the country Ambiente Energia_110.jpg

For 2022-2023, the Hera Group is once again among Italy’s top companies for the technical quality of its water service, as appears in the ranking recently published by the Regulatory Authority for Energy, Networks and the Environment (ARERA), which recognises the high standards achieved in infrastructure efficiency and service levels and confirms Hera’s presence in the top positions for the third consecutive two-year period, that is, since the ranking was established, with the Ferrara area ranking second. The significant results achieved in the various local areas, from Emilia-Romagna to the Triveneto and Marche regions, confirm the Hera Group as one of the country’s most virtuous operators and reward the improvement projects and the investments made over the years in the integrated water service: over 1 billion euros in the past five years, with a further acceleration planned in the coming years. In fact, 1.5 billion are the allocated resources for the five-year period 2024-2028, primarily aimed at increasing the efficiency and resilience of networks and plants, to cope with the increasingly frequent and intense extreme weather phenomena. One of the multi-utility's key strengths is its ability to combine the typical levers of a large industrial operator, such as significant investment and the use of innovative technologies, with strong local roots and ongoing dialogue with local institutions, which have distinguished the Hera Group since its inception. The stated goal is to foster the development of territories that are increasingly liveable for citizens, more competitive for businesses, and more resilient to meet the challenges of climate change. 26 total technical quality awards earned by the Hera Group ARERA, based on the evaluations carried out, gave the Hera Group 26 overall awards for the technical quality results achieved, a particularly significant achievement because it covers all of the managed territorial areas in 4 italian regions.   For further information Press release ciclo 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 Foto ciclo idrico Hera_110.jpg

The Hera Group has been included for the first time in the prestigious "Climate A List" released by CDP (formerly the Carbon Disclosure Project), one of the most authoritative independent international organisations for environmental measurement and reporting. Thanks to this important recognition, the Group has further confirmed its position among the world's most virtuous companies, in the Top 2%, in terms of decarbonisation and transparency in reporting on climate change. This result is also above the industry average (B) and the European and world average (both C). CDP recognised Hera’s excellent results in practically all assessment categories, with further improvement in many key areas compared to the previous year and confirming its outstanding status in the remaining ones, corroborating its solid, structured approach, aligned with international best practices in managing climate challenges. Being included in the A List reflects the Hera Group’s high level of commitment and climate ambition, first and foremost in its pursuit of carbon neutrality, which is included in the Hera Group’s purpose with an amendment of the company’s Articles of Association in 2021. This goal also takes shape thanks to Hera’s Climate Transition Plan, published in 2024, which includes Net Zero by 2050. In particular, the Plan defines paths and levers for reducing direct and indirect emissions (Scope 1, 2 and 3), showing concrete actions for the reduction of climate-changing emissions, and provides governance mechanisms to integrate climate risks into corporate decision-making and financial processes. For further information Press release CDP_Badges_2025_A_List_870.png 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 CDP_Badges_2025_A_List_110.png