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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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Financial Results 1H 2022
Message from the executive chairman of the board
Growth continues, leveraging on a controlled risk profile
Half-year results confirm that Hera has a well-balanced asset portfolio and a clear long-term strategy. These elements allow the Group to navigate through a challenging scenario, such as the current one, without halting growth while confirming solidity. Another evidence that emerges as Hera’s strength is the controlled risk profile in operational and financial management.
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Financial Results 1H 2022
Looking at the figures
Focus on H1 2022 results
In the challenging operating environment of first-half 2022, once again Hera proved that its business model can deliver continuous EBITDA growth. The 3.3% progress in the half-year EBITDA was achieved by leveraging a careful search for the best opportunities within each business area and maintaining a low risk profile in managing each of them. In this way, valuable results were delivered in all businesses.
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Financial Results 1H 2022
Hera on stock exchange
Current market status also affects the performance of Hera’s shares
Equity markets suffered heavy losses in the first half of this year, against a backdrop of geopolitical tensions, tightening monetary policies aimed to fight inflation, and deep uncertainty on the evolution of the real economy. The performance of Hera’s shares could not remain immune to such daunting picture for equity investment, despite the Group’s resilient business model has proven to ensure solid fundamentals over the years, with continuous and sustainable growth over time.
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Financial Results 1H 2022
Stories
Hera’s ESG identity is fully integrated in the long-term strategy
For the second year in a row, Hera took first place in the ETicaNews ranking, which assesses the degree of integration of ESG policies of the top 100 Italian listed companies, with the aim of constructing the Integrated Governance Index (IGI). Effectively and according to objective criteria, the IGI expresses the position of a company in ten key sustainability aspects that remain stable in the various editions and in an extraordinary area of investigation, which for 2022 was that of ESG Identity extended to the supply chain.
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Financial Results 1Q 2022
Message from the executive chairman of the board
Performance in line with the Plan to 2025, despite the complex scenario
The 3.3% progress achieved in the quarter at EBITDA level is evidence of Hera’s sound and visionary business-model approach, which was also able to leverage internal and external growth drivers, creating value and offsetting both the negative impacts of the macroeconomic scenario and the WACC cut set by the Regulator.
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Financial Results 1Q 2022
Looking at the figures
Focus on Q12022 results
Once again, in the first quarter of 2022 Hera proved the resilience of its business model, by posting a 3.3% EBITDA growth compared to first-quarter 2021, despite the penalising context. EBITDA achieved growth by leveraging on the contribution of all businesses, with Waste showing the strongest performance (+11.4%), driven by waste treatment activities.
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Financial Results 1Q 2022
Hera on stock exchange
The stock market acknowledges the resiliency of Hera’s business through a rewarding outperformance of the shares
In early 2022, the stock market’s performance has been heavily affected by a combination of negative factors, whose future evolution is difficult to predict. Geopolitical tensions, inflation, and rising interest rates, all weigh on the economic growth outlook. In this context, Hera stock outperformed both the FTSE MIB and the Italian utilities index. The market has recognised that the Company has a business model able to counteract the external negatives, through prudent policies and a business portfolio that is well-diversified and resilient.
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Financial Results 1Q 2022
Stories
In 2021, the best “Health & Safety” performance ever
Since its inception, Hera has had “Health and Safety in the workplace” among its founding principles. For this reason, over time it has defined specific strategies and implemented improvement plans that proved to be effective, as shown by the positive performance recorded over the years. Especially in 2021, Hera achieved a significant decrease both in the frequency of accidents and in the number of days the employees were absent from work, reaching the best results in its history.
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Financial Results Y2021
Stories
Aliplast, Hera’s growth engine in the Waste business
Hera’s strategy in the plastic recycling is crystal clear: strengthen its leadership through the expansion in new market segments, with the aim to transform rigid plastics in addition to the flexible ones that Aliplast currently treats and, at the same time, approach new business niches, as in the case of carbon fibres. Aliplast Group – with an EBITDA doubling in 2021 vs. 2020 and reaching 36.5 million euro – will be a key driver of the 122-million-euro growth at EBITDA level that the Group targets in the Waste area by 2025.
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Financial Results Y2021
Hera on stock exchange
Hera, a certainty in a changing scenario
Hera’s share continues to benefit from the high quality of its fundamentals and the visible growth perspectives, given the presence in the Group portfolio of businesses that are regulated or enabling the circularity and the energy transition. As a result of these unique features and benefitting from proactive investor-engagement initiatives, Hera has strongly outperformed the sector index.
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Financial Results Y2021
Looking at the figures
Focus on FY2021 results
During 2021, Hera achieved significant growth in all key indicators of the Profit and Loss Account, from EBITDA, which increased by 9%, to Net Profit post minorities, which rose by 10.2%. All business areas brought a positive contribution to consolidated EBITDA, with Energy and Waste leading the progress, increasing respectively by 14.9% and 13.1%.
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Financial Results Y2021
Message from the executive chairman of the board
Healthy annual results once again confirm our long track record
In 2021, Hera achieved a 9% increase at EBITDA level, which exceeded expectations despite an external scenario still affected by COVID-19. A result that is also valuable from a qualitative point of view, given the wide range of organic factors that have fuelled the growth. Thus, Hera has once again proven how crucial it is to have a multi-business portfolio to leverage, when one is an operator able to guess new trends in demand and promptly satisfy them.
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Business Plan 2021-2025
Stories
The 2025 Plan marks a turning point. The numbers have the floor.
To explain how the new Plan to 2025 signs a substantial change of pace compared to the Plans that Hera presented in the past, we focus on evidence emerging from the key targets. From this exercise, some of the features that characterise the Group’s new strategic commitment for the coming years appear crystal clear: the average annual investments planned are in total 59% higher than those made in the last five years and 20% higher than those in the Plan to 2024, with a significant contribution from organic investments (+16%).
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Business Plan 2021-2025
Hera on stock exchange
More ESG value to Hera shareholders
The new Plan to 2025 expresses a clear equity story, based on the growth acceleration of both EBITDA and Earnings per Share. It also leverages the high visibility of the factors that drive an increasingly green path. Investors will have new elements to evaluate the Hera stock, starting from the 2025 targets, which also envisage a higher remuneration through dividends following higher expected earnings, while the financial profile remains solid.
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Business Plan 2021-2025
Looking at the figures
Focus on 2021-2025 Plan’s targets
With its sustainable approach to business, the multiutility nature and many circularity projects matching the Recovery Fund, Hera is well positioned to leverage the increasing sustainability demand coming from the policy makers and from the market itself. Leveraging 98% of investments that are taxonomy-compliant, and for about two-thirds consistent with Shared Value criteria, Hera expects to give a strong “Green” boost to EBITDA growth.
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Business Plan 2021-2025
Message from the executive chairman of the board
The high visibility of earnings growth paves the way for the increase in dividends indicated in the new Plan
In the new Business Plan to 2025 Hera expresses its commitment to make a concrete contribution to the path towards greater environmental sustainability, through a significant capital expenditure and investment plan of 3.8 billion euro in total. The cumulative capex and investments over the 2021-2025 period, due to the careful allocation in different business areas, help fuel a strong growth of EBITDA, which is expected to reach 1.4 billion euro at the end of the Plan.
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Financial Results 3Q 2021
Stories
A strategic presence in the energy efficiency business
The energy efficiency business is experiencing an unprecedented expansion, given the incentive systems that the Italian government is providing, mostly in the private condominium market. Hera has always been active in the market for private residential customers, large condominiums. Since the introduction of the 110% ecobonus, the Group has continued to position itself as a leading operator with consolidated experience in energy requalification work.
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Financial Results 3Q 2021
Hera on stock exchange
Despite huge outperformance of the utilities index, Hera still has broad scope for revaluation
The utilities sector is certainly not one of the sectors that investors have favoured during 2021; nevertheless, Hera shares have performed well since the beginning of the year, leveraging the generally positive tone of the stock markets and a number of Company-specific factors that have boosted the share price. While the stock markets continue to rise, supported by expectations of a post-pandemic economic recovery and still accommodating monetary policies, there is great volatility, mostly due to the sharp increase in the prices of energy commodities and their inflationary effects.
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Financial Results 3Q 2021
Looking at the figures
Focus on nine-month 2021 results
The results of the first nine months of 2021 show that Hera is pursuing the targets indicated in its long-term strategy. Results delivered quarter after quarter prove consistency with these commitments and flexibility in their achievement even against changing contexts. The strong EBITDA growth of 77.1 m€ that the Group achieved mainly derives from the improvement of the Energy area, whose EBITDA increases by 37.1 m€, driven by the recovery of operating conditions that were more ‘normal’ than in the past year, given the more favourable weather conditions and the reduced restrictions to control the spread of the virus.
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Financial Results 3Q 2021
Message from the executive chairman of the board
Growing results, with a careful approach to minimising risks and seizing opportunities
The results of the first nine months of 2021 show a significant growth in terms of EBITDA, around 9.6%. A growth that is significant also for its strong organic component. Leveraging on a proactive approach in non-regulated business, today Hera can fully benefit from the recovery in volumes compared to the period of restrictions imposed by the pandemic while it is reaping the attractive returns from the energy efficiency solutions developed under the incentive system provided by the National Recovery and Resilience Plan.
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Financial Results 1H 2021
Stories
Hera’s great commitment behind high Customer Satisfaction
The findings from the 2020 survey indicate that clients are generally “delighted” with the services they receive from Hera. Even in a difficult year, marked by the pandemic, Hera has found ways to interpret and anticipate the expectations of its customers. The digitalization has continuously enriched the customer experience, while new offers have paid increasing attention to the environment and the specific individual needs.
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Financial Results 1H 2021
Hera on stock exchange
Sustainability and growth strengthen Hera’s equity story
Hera’s share price has performed well since the beginning of 2021, also compared to the performance of benchmark indices. Equity markets have maintained a positive tone even after the start of the normalisation of monetary policy that the Fed announced on 16 June, despite the volatility induced by inflationary fears and, more recently, by the growing infections due to variants of the virus.
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Financial Results 1H 2021
Looking at the figures
Focus on first-half 2021 results
First-half 2021 results confirm that Hera is following the path indicated in the Business Plan, while consistently implementing a circular economy model and pursuing its commitment – attested by STBi – to reducing greenhouse gas emissions. The strong growth that the Group achieved in 1H 2021 EBITDA derives more than 54% from the contribution of the Energy area, which sees a return to more normal operating conditions compared to the first half of 2020, as a result of less severe anti-Covid restrictions and more favourable weather conditions.
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Financial Results 1H 2021
Message from the executive chairman of the board
Behind the strong growth, a platform structured to adapt to the opportunities and challenges of the scenario
Hera achieved significant half-yearly growth in terms of both size and quality. A more favourable scenario than that of the first part of 2020, with regard to the effects of the pandemic and the climate, only partly explains the 10.4% progress in EBITDA: organic growth continued indeed, together with that driven by M&A. Comparison with pre-Covid levels of the first half of 2019 indicates even greater progress, in the order of 13.2%.
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Financial Results 1Q 2021
Stories
The roots that strengthen Hera’s innovation
One of the typical features of companies that are leaders in their industry is the ability to consolidate their leadership over time through innovation. Hera nurtures that intangible asset, the innovation, through continuous investment, by leveraging some specific strengths.
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Financial Results 1Q 2021
Hera on stock exchange
In a well-oriented stock market, Hera has several elements of appeal
In these early months of 2021, Hera’s share price has gained strength. And not only in absolute terms, with a rise of over 10%, but also because it has outperformed the index of the utility sector. In the last few trading sessions, the stock has even outperformed the FTSE MIB, which is heavily weighted towards stocks that allow the theme of future recovery to play out in a catch-up trade.
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Financial Results 1Q 2021
Looking at the figures
Focus on Q12021 results
In first-quarter 2021, Energy areas drove the EBITDA of Hera Group. Overall, EBITDA grew by 3.7%, against a scenario that proved to be less penalizing than that of the same period of 2020, in terms of both weather conditions and severity of anti-Covid restrictions. Quarterly results provide a clear picture. On the one hand, Hera is constantly looking for new efficiencies, especially through innovation; on the other hand, it continues to expand its customer base in a selective way, by leveraging also on value-added services and high-impact activities for the implementation of circular economy. With such a model, Hera achieves healthy returns.
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Financial Results 1Q 2021
Message from the executive chairman of the board
Sound first-quarter results strengthen Hera’s competitiveness
First-quarter results demonstrate Hera’s ability to post healthy growth rates in an improving scenario. The increase of 3.7% in EBITDA indicates that around 70% of the negative impacts related to Covid-19 and mild temperatures, which affected the first quarter of 2020, have been recovered. The Net Profit growth of 6.2% – therefore higher than that at EBITDA level – proves the positive contribution of both financial and fiscal management.
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Financial Results Y2020
Stories
How Hera became “the top multi-utility in the world”
Since 23rd November 2020, Hera is part of the selected group of 323 companies included in the Dow Jones Sustainability Index World, a basket consisting of listed companies that are in the top 10% of the ranking for their sector.
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Financial Results Y2020
Hera on stock exchange
More attractive and visible returns for Hera’s shareholders
The solid results of fiscal year 2020 represent a milestone in Hera’s growth path considering the scenario in which they were achieved. Therefore, they provide an anchor of certainty in a context of stock markets suffering from a severe lack of visibility, especially on the timing of exit from anti-pandemic restrictions.
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Financial Results Y2020
Looking at the figures
Focus on FY2020 results
In 2020, Hera leveraged the benefits resulting both from the recent acquisitions and from the synergies already extracted in the first year of their management, to continue the growth path indicated in the Business Plan. Thus, the Group achieved a 3.5% increase at EBITDA level, despite the challenging environment due to the economic effects of the restrictions to fight the spread of Covid-19 and the extremely mild weather conditions.
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Financial Results Y2020
Message from the executive chairman of the board
A more generous dividend based on a 2020 cash flow beyond expectations
Despite the pandemic scenario, 2020 proved to be a year of reassuring results in many regards. Behind the performance of financials, which exceeded forecasts, we boast a solid business model, a proven successful growth strategy, as well as a thorough execution of stakeholder-supporting policies that can be shaped by the needs of the moment.
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Business Plan 2020-2024
Stories
A Plan consistent with new external priorities
Hera has designed its Business Plan to 2024 consistently with the external scenario, where international policy makers are indicating clear priorities in terms of environment, society, and innovation. Hera has outlined a dual path, both for the creation of Shared Value and for the industrial strategy, pursuing respectively the UN 2030 Agenda and the European policies – especially those featured in the “Next Generation EU” program.
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Business Plan 2020-2024
Hera on stock exchange
A Plan that makes Hera’s value even more evident
The new Plan to 2024 clearly indicates both the extent and quality of the value that Hera Group can create: the targets set in the past, exceeded for the fifth time in a row; the new objectives to 2024 and 2030, more ambitious than the previous ones and even more closely linked to the new priorities of a Europe that is moving towards “zero emissions” and wants to make the economy even more circular; the prospect of steady growth in dividend per share
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Business Plan 2020-2024
Looking at the figures
Focus on 2020-2024 Plan’s targets
Hera’s strategic review presents a clear path of sustainable development for the long term and a five-year Plan that allocates 3.2 bn€ investments to fuel growth. Therefore, 2024 EBITDA is expected to reach 1.3 bn€, of which approximately 50% from Shared- Value projects.
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Business Plan 2020-2024
Message from the executive chairman of the board
Sustainability and financial flexibility at the heart of the Plan to 2024
The Business Plan to 2024 fully intercepts the opportunities of the new economic policies, which promote energy transition and technological development. The new Plan declines these opportunities in a way that is consistent to the specific business model of the Group, with the aim of designing the next steps of a growth path that has continued uninterruptedly since 2002.
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Financial Results 3Q 2020
Stories
Hera is a 360 degrees partner for corporate green services
Hera Business Solution (“HBS”), the cutting-edge offer of Hera Group dedicated to businesses, is here. The entire expertise gained by a leading Group in the efficient and circular management of all utility services is made accessible to clients. The offer promotes a new approach that supports clients with holistic assistance.
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Financial Results 3Q 2020
Hera on stock exchange
Waiting to regain the premium that solid fundamentals deserve
Today Hera stock trades at multiples way lower than the past. On the other hand, consensus target price is still close to 4 euro. In light of results that confirm how the Company continues to deliver the profitable growth indicated in the Business Plan despite the risks posed by Covid-19, we are trying to understand the reasons behind market’s behaviour, which at the moment seems to remain indifferent to the huge undervaluation experienced by the share price.
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Financial Results 3Q 2020
Looking at the figures
Focus on the results of first nine months 2020
Despite an external context that proved to be extremely challenging due to the Covid-19 pandemic, in the first nine months of 2020 Hera managed to post higher results both at EBITDA level and at the P&L bottom line. With a careful and responsible approach towards all stakeholders, Hera successfully faced and managed the risks related to the virus outbreak, thus neutralizing the impacts of the restrictions introduced to contain the health emergency.
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Financial Results 3Q 2020
Message from the executive chairman of the board
Covid-19 does not change Hera’s growth profile
Despite the current scenario deeply differs from that assumed in the Business Plan to 2023, Hera continues to follow the strategic design. While investments and new business initiatives continue, a careful approach to gain efficiency at organic level and extract value in the integration process of acquired companies allows Hera to post a 2.6% growth at EBITDA level.