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Financial Results 1H2026
Message from the executive chairman of the board
Ahead of schedule towards the Plan targets
The entity and nature of EBITDA growth in first-half 2026 indicate that Hera is skilfully leveraging both organic investments and M&A to deliver the value creation that underpins the Total Shareholder Return promised to shareholders.
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Financial Results 1H2026
Looking at the figures
Focus on Half-Year 2026 results
In the first half of 2026, Hera showed a convincing performance of EBITDA for all capital intensive businesses. Energy Supply, which accounts for about 34% of the Group’s EBITDA, also saw a gradual normalisation and recorded a marked acceleration, to the point of offsetting the contributions from non-recurring activities that had been present in the first half of 2025.
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Financial Results 1H2026
Hera on stock exchange
Half-year results suggest significant upside potential for Hera stock
Results for the first half of 2026 show that Hera deserves to trade at higher Price/Earnings multiples than current levels. The 7.5% EBITDA rise, mostly driven by recurring factors and heavily concentrated in regulated businesses, combines with a financial profile that remains solid despite high levels of investment.
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Financial Results 1H2026
Stories
From Corporate Governance to Territorial Governance
How relationships with Public Shareholders create value for Hera and the areas where the Group operates. We continue the conversation that began in our March newsletter with Mr. Roberto Gasparetto, Group Manager for Relations with Local Authorities.
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Financial Results 1Q 2026
Message from the executive chairman of the board
The start of 2026 brings solid evidence
The first quarter of 2026 provided strong signals, with the achievement of a solid set of fundamentals. This is proven by the slightly growing Net Income, driven by structural factors, as well as by the strong cash generation, which covers a significant share of the outflow due to the M&A already completed through the acquisitions of Sostelia and SEA Ambiente.
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Financial Results 1Q 2026
Hera on stock exchange
Hera’s stock profile leverages the reliability of financial results
First-quarter results fully confirm Hera’s reputation as a solid and credible company in creating the conditions to deliver double-digit Total Shareholder Returns.
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Financial Results 1Q 2026
Looking at the figures
Focus on First-Quarter 2026 results
In the first quarter of 2026, Hera could leverage on the sound performance achieved across all business areas to post slight progress at Group EBITDA (+0.2%), which thus reaches 418.9 m€: a significant sign, mostly in terms of quality, which reflects the structural growth potential of the entire business portfolio at a time when the same opportunities that had been available in 2025 have not arisen.
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Financial Results 1Q 2026
Stories
IdrogeMO, an innovative project to drive the energy transition
In the Modena area, Hera is developing a new plant hub that, once fully operational, will produce up to 400 tonnes of green hydrogen per year by using solar energy and water.
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Financial Results 2025
Message from the executive chairman of the board
2025: another step of consistent strategy execution
The 2025 financial year displays a set of results that confirm full alignment with the path set out in the 2025-2029 Business Plan: amid accelerating investments, Hera achieves a 4% growth in Net Profit while maintaining financial strength, with leverage below 2.6 times at year-end.
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Financial Results 2025
Hera on stock exchange
FY2025 results strenghten Hera’s track record
The figures of the 2025 Annual Report confirmed the solid foundation on which the 2025-2029 Plan is based while provinig the conditions for continued shareholder value creation – starting with the proposed 2025 dividend of 16 euro cents, which indicates a yield of around 4% at current prices
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Financial Results 2025
Looking at the figures
Focus on 2025 results
In 2025, Hera achieved results that confirm further strengthening of those aspects of its business model which have delivered uninterrupted growth in structural EBITDA over time.
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Financial Results 2025
Stories
Relations with the territories: a real asset for Hera
At Hera, long-standing relations built and cultivated with local authorities represent an intangible asset from which significant economic value also derives. The Group’s in-depth understanding and awareness of specific needs in each local communities lead to targeted actions, in terms of initiatives and investments in those specific areas.
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Business Plan 2025-2029
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.
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Business Plan 2025-2029
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.
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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.
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Business Plan 2025-2029
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.
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Financial Results 9M 2025
Message from the executive chairman of the board
Another quarter fully aligned with the Plan’s trajectory
Results as of 30 September 2025 confirm many trends already detected in the Half-Year Report. Hera Group goes ahead with a consistent execution of the 2024-2028 Business Plan. Compared the first nine months of 2024, investments increase more than 18% while the 4% growth reached at Net Profit contributes to the achievement of the target for shareholder value creation.
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Financial Results 9M 2025
Stories
Hera ranks among the world’s most inclusive companies
Recently, Hera received several awards, which prove the effectiveness of its Diversity, Equity & Inclusion policies.
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Financial Results 9M 2025
Hera on stock exchange
Attractive returns for Hera’s shareholders
In a market affected by geopolitical uncertainties, equally uncertain timing of interest rate cuts by Central Banks, and difficulties in assessing the impact of AI, Hera continues to represent a clear and consistent story
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Financial Results 9M 2025
Looking at the figures
Focus on nine-month 2025 results
The third quarter provided continuity to the series of results that confirm consistent progress towards the targets set out in the Plan.