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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.
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%.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Financial Results 1Q 2024
Message from the executive chairman of the board
Hera accelerates value creation
In the first quarter of 2024, following record growth in the previous year, Hera again succeeded in posting healthy operating performance, with EBIT up 4.2%, resulting in a 12.2% increase in Earnings per Share. Regulated businesses are once again having a significant impact on growth, whereas Hera had lately only been relying on additional efficiencies and service quality rewards to produce sound results
Financial Results 1Q 2024
Looking at the figures
Focus on Q1 2024 results
In the first quarter of 2024, Hera achieved an increase of 1.7% at EBITDA level and of 4.2% in EBIT, despite the 40.9% decline of Revenues due to the normalisation of energy commodity prices. Networks EBITDA provided an incremental contribution of 13.5 m€ at Group level, leveraging on the positive impacts of the new regulatory framework, while the Waste area added for 2 m€, offsetting the negative impacts of the scenario.
Financial Results 1Q 2024
Hera on stock exchange
Hera stock outperforms all the benchmark indices
The first-quarter 2024 report released today enhances the visibility of Hera’s ability to deliver an attractive return to its shareholders: the profitability growth, as measured by both ROI and ROE, supports an EpS increase of more than 12%, which is also matched by a dividend yield of around 4%. Shareholders will receive a payment of 14 eurocents on 24 June, as resolved by the Shareholders’ Meeting held on 30 April.
Financial Results 1Q 2024
Stories
A “purpose-driven leadership” for the strategy’s full success
In line with the evolving context, Hera has identified a new leadership model that it is now rolling out across the entire corporate population. Born from listening to the 10,000 people who work in the Group, the model is enriched by the use of a Generative Artificial Intelligence app, which evaluates behaviours in everyday life and allows practising those same behaviours by improving them according to feedback from reality.
Financial Results Y2023
Message from the executive chairman of the board
EBITDA accelerates in 2023 and comes close to 1.5 billion
Fiscal Year 2023 shows very healthy performance at operational level, with an EBITDA increase of 15% translating into a 17% EPS increase. The strong EBITDA improvement reflects a “structural” component connected to organic growth and M&A – typical Hera’s development levers over time – which is complemented by a significant contribution from the markets of Last Resort and Energy Efficiency services under the Ecobonus incentives.
Financial Results Y2023
Looking at the figures
Focus on FY 2023 results
In 2023, Hera achieved an EBITDA increase of 15.4%, in a framework featuring a 25.8% decline in Revenues, as energy commodity prices returned to levels closer to those before the outbreak of the conflict in Ukraine. The EBITDA of Energy areas, which has determined 182.5 m€ of the total Group EBITDA progress of 199.7 m€, posted a significant increase (+40.6%), due to the fast expansion of the customer basis (+c.330,000) and the broadening of the services offered, including those in the Energy Efficiency business.
Financial Results Y2023
Hera on stock exchange
2023 TSR is new fuel for the share’s ongoing rally
The presentation of the 2023-2027 Business Plan, held on 24 January 2024, gave further boost to the uptrend that the Hera stock started in early October 2023. At recent prices around 3.3 euro, the share price has increased by more than 30% since last autumn’s low; nonetheless, an attractive gap of around 15.5% remains against the consensus target price.
Financial Results Y2023
Stories
For Hera, great benefits from higher Shared Value creation
With a win-win approach, Hera has long chosen to strategically position increasing EBITDA shares in activities that contribute to strengthening the Group’s margins while offering tangible social and environmental benefits. Following this pioneering vision, Hera dedicated 2.5 billion investments to initiatives with higher impact and visible returns.
Business Plan 2023-2027
Message from the executive chairman of the board
As growth accelerates, more value to shareholders
With the 2023-2027 Business Plan, Hera clearly defines the path to follow over the coming years. Even in the new, challenging scenario, Hera continues to leverage on a strategy that has been proven effective over time, with well-defined priorities in terms of value creation, sustainability and resiliency.
Business Plan 2023-2027
Looking at the figures
The business strategy at the basis of 2027 expected ROI
Over the five-year period, Hera will concentrate more than half (about 55%) of the 4.4 billion euro investment plan in regulated businesses (Networks and Waste collection), with the aim of enhancing the existing infrastructure and seizing the opportunities of the regulatory framework, thus generating returns with high visibility and keeping the risk profile low.
Business Plan 2023-2027
Hera on stock exchange
Higher shareholder returns from an acceleration plan
The rally that Hera’s shares have experienced since last October has only partly covered the wide appreciation room against the average target price of analysts in coverage – currently at 3.53 euro. Preliminary results for the Year 2023, above market expectations, will provide further visibility on management’s actual ability not only to hit strategic targets, but to achieve them well in advance.
Business Plan 2023-2027
Stories
A more ambitious Business Plan? Numbers prove it
The new 2023-2027 Plan envisages a significant acceleration of growth compared to the previous Plan, whose horizon was 2026. The engine behind more dynamic development lies in higher investments planned over the five-year period. The EBITDA drivers take shape through the number of funds invested, but even through the quality of the selected projects, which offer more attractive returns, and the efficiencies Hera aims to gain in regulated businesses.
Financial Results 9M 2023
Message from the executive chairman of the board
EBITDA over 1 billion, with high-quality growth
The first nine months of 2023 showed double-digit growth, moving from EBITDA to the P&L bottom line. A set of clear features backs up the quality of the growth achieved over the period. Indeed, this was a cross-sectional growth, which involved operational, financial, and fiscal management, as well as all businesses across the multi-utility portfolio.
Financial Results 9M 2023
Looking at the figures
Focus on nine-month 2023 results
In the first nine months of the current fiscal year, Hera achieved an EBITDA growth of 15.1%, despite a 22.3% decrease in Total Revenues, due to falling energy commodity prices. Energy areas, which explain 112.4 m€ of the total EBITDA progress of 132.0 m€, recorded a significant increase (+43.8%), leveraging on a fast growth of the customer basis (+310 thousand) and a wide range of services provided, including those successfully addressing the Decarbonisation issue.
Financial Results 9M 2023
Hera on stock exchange
In a less uncertain environment, Hera represents an ideal quality investment
The last three months have seen an unfavourable scenario for equity investment: interest rates rising steadily, reaching 20-year peaks; the Chinese economy afflicted by persistent weakness; and, on 7 October, the outbreak of war in the Middle East, which exacerbated geopolitical tensions. The indices thus showed a volatile trend. The performance of Hera’s shares reflected this market sentiment: multiples have therefore not yet discounted the brokers’ upward revisions to estimates after half-year results.
Financial Results 9M 2023
Stories
Ever more, Hera at the heart of the water infrastructure development in Italy
With 1 additional billion, Hera will continue to carry out investments to ensure that Water is supplied, purified and distributed to meet the evolving demand
Financial Results H1 2023
Message from the executive chairman of the board
EBITDA on acceleration, with debt down and risk profile under control
In the second quarter of 2023, Hera gave fresh impetus to the growth already achieved in the first quarter, with first-half EBITDA showing an overall progress of 13.8%. This result reflects the positive contribution of all business areas, while also having a significant sustainable connotation, given the continued development of the Decarbonisation activities.
Financial Results H1 2023
Looking at the figures
Focus on H12023 results
Despite the 6.7% reduction in Revenues, reflecting the pullback of energy commodity prices from past peaks, Hera achieved significant growth in the first half of 2023, with double-digit growth rates in EBITDA and EBIT. Not only did all major P&L balances show improvement compared to H1 2022, but also all strategic business areas made a positive contribution to the 13.8% growth in consolidated EBITDA.
Financial Results H1 2023
Hera on stock exchange
Hera posts a Total Shareholder Return of around 15% since the beginning of the year
While the major European stock markets are at their highs since the beginning of the year, Hera’s share price still has significant room for appreciation, as reflected by the large discount to the average target price of 3.4 euro of the analyst coverage.
Financial Results H1 2023
Stories
Expanding customer base and 1 bn€ energy transition projects
Hera has a very straightforward plan to ride the long wave of demand for more efficient and sustainable energy consumption. In the coming years, Hera will continue to play a proactive role in the energy transition process, not only through responsible management of operations, but also by encouraging more sustainable consumption by its customers.
Financial Results Q1 2023
Hera on stock exchange
Evidence on falling debt can bring new boost to the value of Hera shares
In a stock market seeking direction, due to uncertainties about when central banks will end their tightening monetary policies, a bullish movement of Hera stock started in recent weeks. Fuelling the rally, in addition to the healthy FY 2022 results, is the stock’s defensive profile, appreciated by portfolio managers in this de-risking phase, after the difficulties of several banking institutions emerged.
Financial Results Q1 2023
Message from the executive chairman of the board
In Q1, growth goes together with a significant deleveraging
Hera opens 2023 with reassuring results from the first quarter, not just for the entity but also for the quality of the progress achieved. All typical drivers contributed to the 9.4% increase in EBITDA: organic growth, mainly supported by the expansion of the customer base in the Energy areas and the strong competitive positioning in Waste, as well as activities that promote the circular economy and M&A.
Financial Results Q1 2023
Looking at the figures
Focus on Q12023 results
Hera starts 2023 on a growth path. All KPIs are up compared to the first quarter of 2022, while Net Financial Debt decreases by €472.2 m, thus taking the Debt-to-EBITDA ratio down to 2.84x. The Energy and Waste areas, which outperformed the Group average growth, have driven the 9.4% increase in EBITDA.
Financial Results Q1 2023
Stories
Significant resolutions at Hera’s 2023 Shareholders Meeting
Anew BoD, full of new profiles, but in the wake of solid continuity. The AGM held on 27 April was a major event. Hera was one of the few Italian listed companies that again allowed its shareholders to be physically present at “Spazio Hera”, where the Meeting took place, even though this year, following the measures to avoid the pandemic, it was still possible to adopt a virtual format, with the vote expressed exclusively by proxy.
Financial Results Y2022
Message from the executive chairman of the board
In a difficult 2022, sound results exceeded expectations
Foresight in tackling the new scenario and confidence in the solidity of the business model: by leveraging these two strengths, Hera faced the challenges of fiscal year 2022, making progress in all financial KPIs. The purchase of significant amounts of gas, to have adequate stocks available against the threatening energy crisis, was an intuition that has allowed the Group to keep its risk profile under control while continuing with the execution of the investment plan that underpins the continuous business growth.
Financial Results Y2022
Looking at the figures
Focus on full-year 2022 results
Hera’s EBITDA growth path continued uninterrupted in 2022, with progress of 75.6 million euro that allowed the Group to reach a record level of 1,295 million euro, despite a much more challenging external scenario than was foreseeable at the beginning of the year.
Financial Results Y2022
Hera on stock exchange
A stronger equity story based on 2022 results and dividend
After the presentation of the Business Plan to 2026 on 8 February 2023, with today’s release of FY22 results, Hera does provide investors with additional confirmation of the founding elements of its equity story. To some extent, analysts have already built in their valuations the features of Hera’s continued growth, achieved by carefully managing the risks of the external scenario.
Financial Results Y2022
Stories
At the roots of Hera’s 20-year journey
Hera has achieved uninterrupted growth since inception in 2002 to date. Embracing from the very beginning an innovative multi-business and multi-stakeholder model has proved to be a winning choice. Over time, Hera has executed a clear growth strategy, based on two pillars: on one hand fuelling organic development through the deployment of significant technical investments and the expansion of market shares in liberalised businesses, and on the other hand expanding externally through targeted M&A operations, always effectively integrated.
Business Plan 2022-2026
Message from the executive chairman of the board
Great visibility from the ambitious investment plan
The Business Plan driving Hera to 2026 includes investments for 4.12 billion euro, 7% more than the cumulated amount envisaged for the 2021-2025 period. Organic investments are mainly focused right there where Hera already enjoys a solid competitive position: in the Networks, where the Group has proven to be able to seize the advantages of the regulatory system, and in Waste, where a strengthened asset base will intercept the attractive dynamics of demand.
Business Plan 2022-2026
Looking at the figures
Focus on 2022-2026 Plan’s targets
Over the five-year period, Hera will concentrate more than half of its 4.1-billion-euro investment plan on Networks, with the aim of leveraging on the existing infrastructure, a real strategic asset that will be strengthened and transformed to respond to the new challenges of Climate Change, while offering the Group visible returns with a low risk profile.
Business Plan 2022-2026
Hera on stock exchange
New elements of stock valuation from the Plan’s clear path
Despite the recovery from last October’s lows, the price level at which the Hera stock is trading indicates that there is still a considerable gap to fill compared to the FTSE MIB performance and the average share target price of the analyst coverage, today at 3.6 euro. The release of the preliminary 2022 results will provide evidence on the profitability recovery in the Energy area in Q4, together with a declining leverage.
Business Plan 2022-2026
Stories
Waste: at the hearth of the growth in the Plan to 2026
Hera enjoys a leading competitive position in the Waste business in Italy. The new Plan to 2026 outlines a clear strategy: to leverage the Group’s existing widespread plant base and its ability to intercept annual waste volumes of over 6.7 million tonnes to increase its competitive advantage.
Financial Results 3Q 2022
Message from the executive chairman of the board
Investments continue, as Hera can leverage a growing EBITDA
The sharp increase in the price of energy commodities experienced in the third quarter of 2022 and the WACC cut made by the Regulator starting from January did not prevent Hera from achieving growth at the consolidated EBITDA level in the first nine months of 2022. A policy of well-balanced diversification of the businesses in the portfolio and careful management of the risk profile enabled Hera to achieve sound operating performance even in an unfavourable scenario
Financial Results 3Q 2022
Looking at the figures
Focus on nine-month 2022 results
The Hera Group’s continuous EBITDA growth path was not interrupted even by the very challenging external environment experienced in the first nine months of the current financial year. EBITDA progressed by 20.4m€ (+2.4%), with the regulated businesses leveraging the service quality to offset the cut in regulated returns while the liberalised businesses were benefiting from careful management policies.
Financial Results 3Q 2022
Hera on stock exchange
Hera confirms its solid fundamentals despite the uncertainties in the context
Despite the rebound that started in the second decade of October, equity markets are still currently bearish, while showing significant losses compared to their levels at the beginning of the year. The general picture remains dominated by deep geopolitical tensions, a particularly severe energy crisis in Europe – where a coordinated reaction among the various EU countries has been lacking – and restrictive monetary policies which, although aimed at slowing inflation, make the profile of economic growth uncertain.
Financial Results 3Q 2022
Stories
An effective recruitment campaign to accelerate the energy transition
With the aim of addressing the challenge of the energy transition, Hera is looking for new skills through the recruitment of 300 resources that will be cultivated in a productive and stimulating workplace. The process of selection and onboarding of these new resources that will be dedicated to the energy transition stands out for its innovative approach.