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Governance and value creation

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Creating shared value 2025

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Governance and value creation 1

Immagine

We are a multi-utility with a widely diversified shareholder base and strong local roots in the areas where we operate.

We have a robust governance structure designed to generate long-term value for our shareholders through the creation of shared value. Dialogue with our stakeholders is part of our DNA and takes shape through numerous well-established initiatives. These include HeraLAB, a local multi-stakeholder advisory body that addresses priority issues for local communities, and regular meetings with local authorities to gather their needs and expectations; environmental education projects in schools aimed at promoting sustainability; and employee and customer satisfaction surveys aimed at improving the working environment and the quality of our services. Our relationship with investors and lenders is geared towards promoting sustainability, as evidenced by the inclusion of Hera’s shares in numerous ESG stock market indices, including the Dow Jones Best-in-Class Index, and the regular issuance of green bonds.

Governance and value creation 2

Immagine rappresentativa dell’efficienza energetica

Value for stakeholders

what we said we would do…

  • EU TAXONOMY

    57% of gross operating investments in 2024–2028 in eligible activities (96% aligned with eligible activities)

  • €2.2 BILLION

    average economic annual value distributed to local stakeholders over the five-year period 2024–2028

what we did...

  • EU TAXONOMY

    67% of gross operating investments in 2025 in eligible activities (95% aligned with eligible activities)

  • 2.1 BILLION EURO

    average economic annual value distributed to local stakeholders in 2025 (65% of the total)

what we will do...

  • EU TAXONOMY

    €2.9 billion of gross investments aligned in 2025–29 (equal to 95% of eligible investments)

  • €2.3 BILLION

    average economic annual value distributed to local stakeholders over the five-year period 2025–2029

Immagine rappresentativa dell’efficienza energetica

Governance and business conduct

what we said we would do…

  • DISSEMINATION OF THE CODE OF ETHICS

    continue training for new hires through the AlfabEtico programme by involving employees as trainers. 900 employees trained by early 2026

what we did...

  • DISSEMINATION OF THE CODE OF ETHICS

    in 2025, the AlfabEtico training programme for all new permanent employees continued. 405 employees trained in 2025

what we will do...

  • DISSEMINATION OF THE CODE OF ETHICS

    continue training for new hires through the AlfabEtico programme by involving employees as trainers and refreshing the format in conjunction with the sixth update of the Code of Ethics

Immagine rappresentativa dell’efficienza energetica

Stakeholder engagement

what we said we would do…

  • HERALAB

    continue listening to and involving stakeholders on the topic of carbon neutrality. Launch HeraLAB in two areas in 2025

what we did...

  • HERALAB

    its focus on carbon neutrality was confirmed through the completion of the Ravenna LAB project activities and the implementation of the Forlì-Cesena LAB

what we will do...

  • HERALAB

    in 2026, launch the ‘Education on the Rational Use of Energy’ project (HeraLAB Ravenna) and assess the feasibility of the ‘Towards a Thermal Community’ project (HeraLAB Forlì-Cesena); design the fourth edition of HeraLAB to respond more effectively to local needs and strengthen its role as a space for dialogue and networking

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

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