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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.
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Financial Results 1H 2025
Message from the executive chairman of the board
Earnings continue to grow with increasing financial strength
In a context heavily impacted by the threat of new tariffs and ongoing geopolitical tensions, Hera continues to move steadily along the path outlined in the Business Plan, recording a 5% increase in Earnings per Share in the first half of the year.
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Financial Results 1H 2025
Looking at the figures
Focus on H1 2025 results
In the first six months of 2025, Hera Group results confirm a continuous improvement at the P&L’s bottom line, with Net Profit after Minorities up by 5.0%.
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Financial Results 1H 2025
Stories
Hera steers its supply chain towards greater sustainability
With about 1.8 billion euro of economic impact generated in 2024, for Hera, it is crucial being able to rely on proper and well-structured conduct from the companies it works with.
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Financial Results 1H 2025
Hera on stock exchange
Hera back to trading at all-time highs
In early June 2025, Hera share price reached a high of 4.4 euro, at the peak of a broad upward trend (+29.7% vs. 2024YE).
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Financial Results 1Q 2025
Message from the executive chairman of the board
Earnings went up more than 7% in the first quarter
The results for Q1 2025 point to the structural nature of the factors driving EBITDA growth: a premise of quality and repeatable performance for the future. On top of solid operating performance also came the positive contribution from a significant reduction in net financial expenses, which brought Net Profit to 153.7 million euro, an increase of 10.6 million compared to Q1 2024.
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Financial Results 1Q 2025
Looking at the figures
Focus on Q1 2025 results
In the first quarter of 2025, results of Hera Group posted a significant improvement at P&L’s bottom line, with a 7.4% of Net Profit after Minorities due both to the contribution of an effective operational management and to a net result of financial management that reflects lower absorption of resources against a normalised external environment and an efficient debt structure.
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Financial Results 1Q 2025
Hera on stock exchange
Hera’s share price at five-year highs
Hera share continued to record gains on the stock market, far outperforming the benchmarks, despite the FTSE MIB index benefiting from the drive of defence and financial stocks, and, in general, utilities being among the favoured sectors in European markets at this stage. Not even the sharp fall in the stock markets at the end of March and the beginning of April, amidst strong geopolitical tension, halted the rally of Hera, whose prices are now at their highest level in five years.
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Financial Results 1Q 2025
Stories
Transparency choices behind the success of the last Hera’s AGM
The broad participation at the Shareholders Meeting – this year around 75 % of capital – and the more than 90% of votes in favour achieved for the items on the agenda reflect the continued commitment of the entire Hera’s team to cultivate an open and transparent dialogue with the shareholder base.
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Financial Results Y2024
Message from the executive chairman of the board
Total Shareholder Return at 36% in 2024
In 2024, Hera delivered solid operating performance, with EBITDA growth of 6.2%, which was reflected all the way to the P&L bottom line, with a 32.2% increase in Earnings per Share. An impressive result also from a qualitative point of view, considering the purely structural nature of the activities underlying the progress achieved.
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Financial Results Y2024
Looking at the figures
Focus on FY 2024 results
FY 2024 results confirm Hera’s ability to improve its EBITDA (+6.2%) consistently despite the normalisation of energy prices, which drove a 16.2% drop in Revenues, and despite the exhaustion of the 110% Ecobonus incentives, which had generated attractive returns from energy efficiency activities in 2023. All the KPIs of the Income Statement show significant increases compared to 2023.
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Financial Results Y2024
Hera on stock exchange
Price close to all-time highs, but still room for growth
Investors have welcomed the Plan that Hera’s management presented on 23 January 2025. Since then, shares started a rally that led the price to approach 4 euro – a level representing a five-year high. The wide overperformance achieved vs. the index of Italian utilities shows that the Company-specific component was a fundamental driver in nurturing the rise.
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Financial Results Y2024
Stories
Hera creates value through a visionary and intensive use of technology
Artificial Intelligence, Machine Learning and new technology applications provide Hera’s operations with visible benefits, as a clear strategic design stands behind their adoption. More technology, then, to offer better services to customers, to enhance the resilience of assets, and, not least, to optimise the financial returns of the huge investments that Hera has planned to fuel growth in the right direction.
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Business Plan 2024-2028
Message from the executive chairman of the board
Value creation hinges on a solid strategy
The 2024-2028 Business Plan reaffirms significant features of the previous one, especially in its strategic design. Hera intends to remain consistent with a business model and management approach proven to ensure continuity of growth while maintaining a low risk profile, even under very challenging external scenarios.
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Business Plan 2024-2028
Looking at the figures
Focus on the targets of the 2024-2028 Business Plan
The new Business Plan, which drives Hera’s roadmap to 2028, has all the features of a high visibility and low-risk growth plan. As much as 2.4 billion of the 4.6 billion in investments cumulatively planned over the five-year period are development investments – out of which 2.1 billion as operating capex and about 300 million for M&A. In addition, there are 500-million-euro investments funded through non-repayable grants.
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Business Plan 2024-2028
Hera on stock exchange
Both preliminary 2024 results and the new Plan strengthen Hera stock’s prospects
Hera continues to show robust performance against benchmark indices, even though the prospects for M&A in the banking sector have fueled a conspicuous recovery of the FTSE MIB in recent weeks. Moreover, the outperformance of the stock compared to the Italian utility sector index remains very strong. In the meantime, today the picture is enriched by new features, which will encourage a reconsideration on the valuation of Hera stock.
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Business Plan 2024-2028
Stories
Hera consolidates 100% of AIMAG
The 100 million EBITDA from M&A included in the new Plan is already very visible for over three quarters. On the same day in which the Board of Directors approves the new Business Plan, Hera announces to the market the signing of the acquisition of an additional stake in the capital of AIMAG, multiutility based in the province of Modena.
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Financial Results 9M 2024
Message from the executive chairman of the board
Value creation takes strength
Against a backdrop of continuing normalisation of commodity prices and weak economic growth, Hera achieved very healthy nine-month 2024 results, through wholly organic growth, generated by activities that are the structural pillars of its business portfolio.
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Financial Results 9M 2024
Looking at the figures
Focus on nine-month 2024 results
Once again, nine-month 2024 results prove the strength and effectiveness of Hera’s business model. The Group succeeded in increasing operating margins even though the normalisation of energy prices led to a 25.3% fall in Revenues, against the backdrop of an anaemic economy and the expiry of the 110% Ecobonus incentives.
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Financial Results 9M 2024
Hera on stock exchange
Hera is ideally positioned in a multiutility-friendly context
Hera continues to overperform its benchmark indices, despite the recent reversal, started after the share price reached the year-high at 3.7 euro in mid-October. The solid fundamentals, again proved by nine-month results, provide strong support also prospectively. To date, Hera has already offered a Total Shareholder Return of 12%, which is almost twice the annual average indicated in the Plan.
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Financial Results 9M 2024
Stories
Towards a zero-emission 2050
What will living conditions on Earth be like in the future? Everything depends on the choices being made as of today and how those commitments will be maintained over time. Aware of this reality and of its role as an enabler of sustainability, last July Hera made a formal commitment to reach Net Zero in terms of greenhouse gas emissions by 2050, being the first to have taken up that challenge among Italian multi-utilities.
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Financial Results 1H 2024
Message from the executive chairman of the board
A half year with high quality of growth
After the brilliant results achieved in 2023, which provide a challenging basis for comparison, Hera manages to deliver further progress in the first half of 2024, as proven by EBITDA increasing by 2%, EBIT improving by 2.8%, and Earnings per Share up 16%. The half-year growth in Group EBITDA is based on structural components and fully organic: a strong impetus came from the positive dynamics of Networks, where Hera has taken full advantage of the new regulatory framework, and from the strong position in industrial waste treatment.
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Financial Results 1H 2024
Looking at the figures
Focus on 1H 2024 results
In the first six months of 2024, Hera confirmed its continued ability to improve operating margins due to the strength of its structural business portfolio, even against a backdrop of energy prices returning to more normal levels and the expiry of the 110% Ecobonus benefits. Against a 33.3% drop in Revenues, Group’s half-year results post a 2.0% progress at EBITDA and a 2.8% increase at EBIT.
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Financial Results 1H 2024
Hera on stock exchange
Still room for appreciation, even after the rise already achieved
Due to solid fundamentals, confirmed by healthy half-year results, Hera strengthens the visibility of further returns to offer to shareholders, who have been rewarded at the end of last June with the distribution of a dividend of 14 euro cents. On top of the dividend yield, the shareholder return includes a price increase of nearly 20% year-to-date that has led the stock to outperform all benchmark indices.
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Financial Results 1H 2024
Stories
With a 25 % increase in the customer base, a new phase of further growth begins
In an increasingly liberalised market, Hera has a clear plan to make the most of expansion opportunities in the Energy areas, as proven by the entry in its portfolio of one million new customers with the Gradual Protection Service