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Business Plan 2025-2029

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21/01/2026

Message from the Executive Chairman of the Board

A Total Shareholder Return that can rely on a stronger dividend policy

The 2025-2029 Business Plan offers a solid Total Shareholder Return, supported by a structural growth in Earnings per Share of 6% and an average dividend yield of over 4% – a notable level, considering the significant price increase that Hera’s shares achieved in 2025. From 2027 onward, Dividend per Share is expected to increase by 1 euro cent per year, compared with the 0.5-euro cent annual increase in the previous period, thus reaching 19 cents per share by 2029.

21/01/2026

Looking at the figures

Focus on the targets of the 2025-2029 Business Plan

The Plan outlining Hera’s growth path through 2029 hinges on a significant pipeline of investments that promise visible returns. Of a total of 5.5 bn€ to be invested over the five-year Plan period, 2.1 bn€ will be allocated to development, while 0.4 bn€ will be dedicated to M&A.

21/01/2026

Hera on stock exchange

The new Plan confirms Hera’s investment case

As financial markets face increasing uncertainty, there is growing demand for investment opportunities that offer a clear, visible story and a low risk profile. In this context, the new 2025-2029 Business Plan confirms that Hera ideally fits the profile.

21/01/2026

Stories

Hera and innovation as a lever for development

In its new Plan, Hera is firmly committed to investing in digitalisation, by allocating 1.4 billion euro over the 2025-2029 period. Innovation, a key driver of growth, follows well-structured and established paths at Hera, ensuring that technologies deliver better results in managing a broad business portfolio and drive healthy financial returns.