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Hera Group: BoD approves results for 3Q 2025

12/11/2025

Hera Group: BoD approves results for 3Q 2025

The first nine months of the year closed with strong growth in revenue and investments, and with all key operating and financial indicators positive, in line with the first two quarters and the targets set out in the Business Plan. The 4.2% increase in net profit attributable to shareholders confirms not only the Group’s solidity and the effectiveness of its multi-business industrial strategy, but above all its ability to combine internal business growth with a positive return on invested capital.

Operating and financial highlights

Revenue rises to 9,365.6 million euro (+10.6%)
EBITDA stable at 1,037.2 million euro
Net profit for the period up to 324.6 million euro (+4%)
Gross operating investments at 666.8 million euro (+18.8%)
Net financial position at 4,147.2 million euro and net financial position/EBITDA ratio at 2.6x, an improvement compared to September 2024
Return on invested capital increases, with ROI at 9.9%

Key industrial guidelines

Organic growth of the multi-business portfolio. The strong performance of the water and waste sectors offsets the absence of the temporary opportunities seized in 2024 within the energy segment.
Expansion of the operational scope. Strengthening continues through M&A and joint venture initiatives (Ambiente Energia, CircularYard) and through the full consolidation of subsidiaries EstEnergy, Hera Comm, and Aliplast via the acquisition of minority interests.
Value creation capacity. Solid operating performance and efficient financial management support earnings growth and the profitability of invested capital.
Ample room for development. Cash generation and financial flexibility provide the basis for new organic and external growth initiatives, consistent with the objectives of the Business Plan.

Today, the Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated quarterly report at 30 September 2025, which confirms a positive structural performance and strong growth in revenues and investments compared to the same period of the previous year. The Group’s solid multi-business industrial model, balanced between regulated and free-market activities, along with its effective financial operations, allows it to continue to grow both internally and through acquisitions.

Cristian Fabbri, Executive Chairman of the Hera Group:
“Over the past nine months, leveraging cash generation and our strong financial flexibility, we have focused on the Group’s structural growth: we have doubled our operating investments aimed at development, increasing investments by almost 20% in both regulated sectors and free-market businesses. We furthermore completed a number of M&A transactions and repurchased the minority stakes in EstEnergy, Aliplast and, at the beginning of October, Hera Comm, all of which are now 100% owned. These persistent growth drivers, combined with the strength of our multi-business portfolio, enabled us to offset the loss of certain temporary opportunities and resulted in an increase in return on equity, now close to 10%. These results demonstrate that we are fully on track to achieve the objectives set out in our Business Plan.”

Orazio Iacono, CEO of the Hera Group:
“Strong operating performance and steps towards financial optimisation supported growth in net profit attributable to Shareholders, which rose by 4.2%. The macroeconomic scenario remains complex, but signs of stabilisation in the energy market, combined with our ability to generate cash flow and margins – with the net debt/EBITDA ratio at 2.6x – now allow us to pursue development opportunities with even greater momentum. One non-negotiable principle remains at the heart of our industrial strategy: sustainability must go hand in hand with competitiveness. All our investments in technologies and services aim to strengthen this connection, improving resilience, innovation and the quality of our offer. Only in this way can we reconcile the Net Zero 2050 target with the growth of local areas and the well-being of communities.”

Double-digit growth in revenue, at 9.4 billion euro
At 30 September 2025, the Hera Group’s revenue amounted to nearly 9.4 billion euro (9,365.6 million euro), increasing by more than 894 million euro compared to the same period in 2024, up +10.6%, mainly linked to the increase in energy commodity prices and the higher value of gas and electricity volumes traded.

EBITDA stable at 1,037 million euro
EBITDA for the first nine months of 2025 remained substantially stable with respect to the previous year, amounting to 1,037.2 million euro. Lower margins in the energy areas (–23.3 million euro) were offset by positive results in the water cycle and waste management services. The comparison with 2024 should however take into account the 85 million euro in extraordinary margins recorded that year, linked to temporary non-recurring opportunities (mainly last resort markets and eco-bonuses). Adjusted for these effects, EBITDA at 30 September 2025 shows structural growth coming to 9%, supported by contributions from all the Group’s core businesses, exceeding the 7% average annual growth rate forecast in the Business Plan for the period to 2028.
Alongside internal growth, the Group expanded its industrial scope with the acquisition of Ambiente Energia and the establishment of CircularYard, a joint venture with Fincantieri with a 60% holding, further strengthening its presence in the special waste treatment and circular economy segments. The repurchase of minority shareholdings in Estenergy, Aliplast and Hera Comm also continued, which are now 100% owned. With regard to the project aimed at strengthening the industrial partnership with AIMAG, the agreement signed between the parties in January 2025 was not renewed, since not all the conditions set out in the agreement were met. AIMAG shareholders have confirmed their interest in continuing to evaluate the industrial prospects for strengthening the company.

Profit before income tax above 457 million euro
Ebit for the first nine months stood at 519.9 million euro, down slightly (-0.5%) compared to the same period in 2024, mainly due to the increase in depreciation and amortisation linked to new investments in regulated sectors and waste treatment, while provisions decreased thanks to the normalisation of the energy market. Effective operational and financial management, which saw a 27.5 million euro reduction in expenses thanks to a rationalisation of the debt structure and a reduction in IAS expenses, led to a profit before income tax of 457.2 million euro, up 5.5% compared to the 433.5 million euro seen at 30 September 2024.

Net Profit up 4%
Despite the increased tax rate, at 29% (vs 28% the previous year), net profit at 30 September 2025 reached 324.6 million euro, up 4% compared to 312.1 million euro in the same period of 2024. At the same time, net profit attributable to Group Shareholders also grew, reaching 294.7 million euro (+4.2% compared to 282.9 million euro at 30 September 2024).

Strong growth in operating investments and confirmation of the Group’s financial solidity
At 30 September 2025, operating investments, including capital grants (34.2 million), amounted to 666.8 million euro, up by almost 106 million compared with the same period in 2024 (+18.8%). The areas that benefited most from development and regulatory compliance measures were the integrated water cycle (over 243 million euro in investments, 68 million euro more than the figure seen at 30 September 2024), the waste management area (almost 30 million euro more over one year) and the gas area (+11 million).
The Group’s financial strength and sustainability are confirmed by the net financial position/EBITDA ratio, at 2.6x, which guarantees ample flexibility for future investments. Net financial debt increased by 183.5 million euro in the first nine months of 2025, reaching 4,147.2 million euro, but improving compared to 30 September 2024. With net invested capital rising to 8.32 billion euro in the first nine months of 2025 and net equity at 4.18 billion euro, ROI reached 9.9% (compared to 9.5% one year earlier) and ROE stood at 11.5%.

Gas
EBITDA for the gas area, which includes natural gas distribution and sales, district heating and energy efficiency services, amounted to 299.6 million euro at 30 September 2025, down 2.9% compared to the 308.7 million euro seen in the same period of 2024. The 2024 results benefited from temporary opportunities mainly related to higher margins in last resort markets and energy efficiency activities. The increased contribution from distribution thanks to higher regulated revenues, supported by the increase in the Regulatory asset base (RAB) and inflation recovery, did not fully offset the lower contribution from temporary opportunities. Gas revenue increased by 635.2 million euro compared to the previous year, driven by sales and trading activities, thanks to higher raw material prices and trading volumes, which more than offset the drop in the customer base’s consumption. Regulated revenues grew by 20 million euro, while revenues from energy efficiency decreased by 61 million euro due to a reduction in activities benefitting from tax deductions.
Net investments in the gas sector amounted to 133.5 million euro in the first nine months of the year, up 7.3 million euro to compared with 126.2 million euro in 2024. The most significant projects included the hydrogen production plant in Trieste, co-financed by the NRRP, the upgrading of district heating networks and plants, and the Hydrogen Valley construction sites in Modena. Total gas sales volumes grew by 13.9% (1,017.6 million cubic metres) as a result of increased trading activities, while volumes to end customers fell by 6.2%, reflecting the slight drop in the customer base and energy-saving behaviour. The gas area accounted for 28.9% of Group EBITDA.

Electricity
EBITDA for the electricity area, which includes services in electricity generation, distribution and sales and public lighting, amounted to 186.5 million euro at 30 September 2025, down 7.1% compared with 200.7 million euro in the same period of 2024. However, the 2024 results benefited from temporary opportunities mainly related to higher margins in the Safeguarded service.
Revenue from the electricity area grew by 109.3 million euro (+3.2%) compared to the first nine months of 2024, mainly due to the higher average raw material prices and volumes sold. Increases occurred in both regulated revenues, supported by ARERA resolutions that reflect the growth of RAB and inflationary effects, and revenues from public lighting and value-added services, driven by energy redevelopment works and the expansion of the offer. The number of electricity customers fell by 4.5% year-on-year, largely owing to the reduction in Gradual protection service customers, but the number of users subscribing to value-added services increased by over 80,000 (+27.3% compared to 30 September 2024). Total energy sales volumes grew by 314 GWh (+2.6%).
Net investments in this area amounted to 76.2 million euro (7.9 million euro less than the first nine months of 2024) and mainly concerned distribution, non-recurring maintenance and network upgrades, with actions aimed at improving resilience and hosting capacity. In the public lighting sector, Hera acquired 45.8 thousand new lighting points in 16 municipalities, mainly in Triveneto, Emilia-Romagna, Lombardy, Tuscany and Sardinia. The percentage of lighting points managed with LED technology reached 59.6%, up by more than 10 percentage points in one year.
The electricity area accounted for 18.0% of Group EBITDA.

Water cycle
The integrated water cycle area, which includes aqueduct, purification and sewerage services, grew significantly. EBITDA rose to 253.4 million euro, compared to 234.5 million euro in the same period of 2024, up 8.1% compared to 30 September 2025. This positive trend reflects the application of the new MTI-4 tariff method established by ARERA for the fourth regulatory period 2024-2029, which adjusted the energy component and strengthened the incentive mechanisms for technical and contractual quality. In 2025, the Hera Group also received 26 premiums from the Authority for the results achieved in the two-year period 2022-2023 in all nine territorial areas managed through Hera Spa, AcegasApsAmga and Marche Multiservizi, confirming its high-quality standard in this service.
Total revenue for the area grew by 119.8 million euro. The increase in operating costs, mainly linked to higher supply prices and energy costs, was offset by regulated revenues and bonuses, leading to an improvement in margins.
Gross of capital grants, investments in the integrated water cycle area reached €243.3 million in the first nine months of the year, with over 60% concentrated on aqueducts and the rest on sewerage and purification. Among the main projects in the water network (153 million euro) are the continuation of network and connection remediation works in compliance with ARERA Resolution 917/2017 on technical quality, the installation of smart meters financed through NRRP funds, and a strategic infrastructure project to strengthen the water supply system serving 13 municipalities in the Imola area, including the construction of the new Bubano water treatment plant; in sewerage (62.9 million euro), note the beginning of construction for the southern tanks of the Rimini Seawater Protection Plan (PSBO), and in purification (27.4 million euro) the technological and structural upgrading of the Ravenna treatment plant, also co-financed by the NRRP.
The integrated water cycle area accounted for 24.4% of Group EBITDA.

Waste management
At 30 September 2025, EBITDA for the waste management area rose to 274.9 million euro, up 1.2% compared to 271.6 million euro in the same period of 2024. This growth involved all activities: treatment, recycling, remediation and environmental services, including collection. This positive result is all the more remarkable considering that the results for the same period during the previous year benefited from a non-recurring contribution linked to hedging contracts on electricity generation at particularly favourable conditions. The results were particularly supported by changes in scope related to the expansion in recovery and industrial markets, thanks to the development of ACR’s business, and the consolidation of recent acquisitions (TRS Ecology, integrated as of July 2024, and Ambiente Energia). In addition, in 2025, the Group launched CircularYard, a partnership with Fincantieri for the management of industrial waste in shipyards.
Overall, waste treated increased slightly due to plants operating at full capacity and plant expansion, with positive trends in the material recovery, waste-to-energy (Rimini and Modena) and special waste segments. Commercialized waste volumes increased slightly. Net investments in the waste management sector amounted to 113.6 million euro, up 21.3 million compared to 2024, with growth in the sorting and recovery plant (+21.1 million), waste-to-energy (6.3 million) and collection area (+5.8 million) sectors. The Hera Group currently manages approximately 100 plants capable of treating all types of waste.
Sorted waste collection reached 75.1%, up 1.2 percentage points compared to 2024, thanks to new projects launched in the areas served.
The waste management area accounted for 26.5% of Group EBITDA, consolidating the Hera Group’s leadership in the integrated waste management and material recovery sector.

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Hera Group 3Q 2025 results

Online from 12 November 2025 at 12:28

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26/05/2026

Hera Group: European Green Bond (“EuGB”) of 500 million euros

Strong interest from international investors in Hera’s first European Green Bond (EuGB) with a 6-year maturity, which will finance strategic projects of the multi-utility aligned with the EU Taxonomy. Orders received amouned to 7 times the offered amount.

The Hera Group, the first Italian company to issue a green bond in 2014, continues today its commitment to sustainable finance with the launch of its first European Green Bond (“EuGB”), under its “Euro Medium Term Note Programme” (EMTN). This bond issuance – in line with its European Green Bond Factsheet, published in the dedicated section of the Group’s website (https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion), together with the relevant Pre-Issuance Review, attracted significant interest from international investors, receiving orders for approximately 3.6 billion euros, nearly 7 times the offered amount.
With this issuance, which corresponds to the fifth green issuance overall considering all those carried out by the multi-utility over the last 12 years, the Hera Group has once again offered the market the opportunity to finance strategic projects aimed at the green transition and aligned with the EU Taxonomy, reaffirming its position as a benchmark company for sustainable finance, also at an international level.

“The issuance of our first European Green Bond represents a further concrete step in the Hera Group’s sustainability journey, confirming our commitment towards carbon neutrality and the development of the circular economy” – states Orazio Iacono, Chief Executive Officer of the Hera Group. “This new sustainable finance instrument allows us to fund investments fully aligned with the EU Taxonomy, accelerating strategic projects for the energy and environmental transition, from the reduction of greenhouse gas emissions to the increase in resource recovery and regeneration. This is a significant contribution to our business plan and to the Net Zero 2050 target, confirming our Group’s strategy, where business growth, value creation, and sustainable development are closely interconnected.”.

Characteristics of the Group’s European Green Bond (“EuGB”) and funded areas
The Hera Group’s first European Green Bond (“EuGB”) (rated Baa1 with Stable Outlook by Moody’s and BBB+/A-2 with Stable Outlook by Standard & Poor’s), amounts to a total of 500 million euros, repayable in 6 years with a coupon of 3.50% and a yield of 3.574%. The settlement date of the new issuance is expected on 4 June 2026.
The EuGB is represented by senior, non-convertible, unsecured notes, intended for circulation among qualified investors and governed by English law. Furthermore, the European Green Bond (EuGB) is expected to be assigned a rating in line with that of Hera.
The transaction saw significant participation from international investors (in particular, United Kingdom, France, Germany). Substantially all of investors were green and sustainable, confirming the interest in the Group also beyond national borders.
The European Green Bond is expected to be listed on the regulated market of Euronext Dublin from the issue date, as well as on the regulated markets of Euronext Milan and the Luxembourg Stock Exchange.
In accordance with the provisions of Regulation (EU) 2023/2631, the proceeds from the issuance are expected to finance or refinance the projects indicated in the Hera Group’s European Green Bond Factsheet, fully aligned with the EU Taxonomy.

In particular, the use of proceeds will cover three main areas:

Sustainable management of water resources and wastewater: including construction, expansion and management of water collection, treatment and supply systems (economic activity 5.1 of the EU Taxonomy), as well as construction, expansion and management of wastewater collection and treatment systems (economic activity 5.3 of the EU Taxonomy);
Circular economy, pollution prevention and control: including initiatives for the collection and transport of non-hazardous waste in source-segregated fractions (economic activity 5.5 of the EU Taxonomy);
Energy efficiency and energy infrastructure: including (i) the generation of electricity using solar photovoltaic technology, (ii) the transmission and distribution of electricity, and (iii) installation, maintenance and repair of energy efficiency devices (economic activities 4.1, 4.9 and 7.3 of the EU Taxonomy).

To ensure the correct and transparent allocation of funds, Hera has adopted a monitoring and reporting process that provides for the publication of relevant information through a “Green Bond Report” which will include the “Allocation Reporting and the Impact Reporting”.

Transaction partners
The issuance of the Hera Group’s first European Green Bond (“EuGB”) was coordinated by BNP Paribas, Crédit Agricole CIB, Mediobanca, UniCredit, BBVA, Intesa Sanpaolo – IMI CIB Division, Banco Santander, Banca AKROS, Deutsche Bank, BPER Banca, Montepaschi di Siena, Barclays, Caixabank and Goldman Sachs as Joint Bookrunners. The law firm Legance assisted Hera, while the law firm Linklaters supported the Joint Bookrunners.

Online from 26 May 2026 at 19:10

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26/05/2026

Strong interest from international investors in Hera’s first European Green Bond (EuGB) with a 6-year maturity, which will finance strategic projects of the multi-utility aligned with the EU Taxonomy. Orders received amouned to 7 times the offered amount.

Hera Group: European Green Bond (“EuGB”) of 500 million euros

Online since 26/05/2026 at 19:10

26/05/2026

centrata Kindly note that as of today the minutes of the Shareholders Meeting held on 29 April 2026 are available at company headquarters, on the Hera Group’s website (https://eng.gruppohera.it/group/) in the section dedicated to Corporate Governance, and on the authorised storage website 1INFO. 2026-05-26 12:26:00 sede-hera-110.jpg

Publication of documents pertaining to the Shareholders Meeting

Online since 26/05/2026 at 12:26

Independence requirements verified for directors and statutory auditors; internal Committees appointed

centrata The Board of Directors of Hera S.p.A., which met today, assessed the independence of its directors appointed by the Shareholders’ Meeting of 29 April 2026. On the basis of the statements made by the Directors and the information available to the company, the Board of Directors of Hera S.p.A. assessed that all directors meet the independence requirements set out in Article 148 of Legislative Decree No. 58/1998, with the exception of the Executive Chairman, the Chief Executive Officer and directors Gianni Bessi and Enrico Di Stasi. The Board also assessed that directors Fabio Bacchilega, Benedetta Brighenti, Roberta Calderisi, Marina Monassi, Francesco Perrini, Paola Schwizer, Bruno Tani, Fabrizio Toselli and Alice Vatta meet the independence requirements set out in the Corporate Governance Code. It should also be noted that, in compliance with the provisions of the Corporate Governance Code, the Board of Statutory Auditors verified that all its members meet the independence requirements, reporting the outcome of these checks to the Board of Directors. The members of the Internal Committees were also appointed: for the “Executive Committee”, the following were appointed: Cristian Fabbri, as Chairman; Tommaso Fabbri, as Deputy Chairman; Orazio Iacono and Vanessa Camani, as members; for the “Control and Risk Committee” (whose composition is the same as that of the Related-Party Transactions Committee) the following were appointed: Paola Schwizer, as Chairwoman; Benedetta Brighenti, Marina Monassi and Francesco Perrini, as members; for the “Remuneration Committee”, the following were appointed: Alice Vatta, as Chairwoman; Fabio Bacchilega, Tommaso Fabbri and Francesco Perrini, as members. Finally, with regard to the "Ethics and Sustainability Committee”, the following were appointed: Tommaso Fabbri, as Chairman; Alice Vatta, Filippo Bocchi and Nicoletta Tranquillo, as members. 2026-05-13 13:34:00 sede-hera-110.jpg

Online since 13/05/2026 at 13:34

Hera Group's BoD approves results for the first quarter of 2026

The consolidated three-month report as at 31 March shows improved performance and an increase of over 24% in capital expenditures.

Online since 13/05/2026 at 13:07

Hera Group and Saipem launch strategic partnership to support the energy transition and circular economy of Italian industry

A collaboration agreement has been signed to support companies and local areas on their path towards the energy transition and circular economy, through innovative solutions that combine sustainability with competitiveness sede Hera 110x150.jpg centrata Saipem, a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, and Hera Group, one of Italy’s leading multi-utilities, have signed a strategic collaboration agreement, initially lasting three years, with the aim of supporting Italian companies in their energy efficiency, decarbonisation and circular economy journeys. The partnership draws on Saipem’s engineering and technological expertise and Hera Group’s long-standing experience in waste, water and energy services. Both companies share a firm commitment to sustainability and emissions reduction. The agreement between the two organisations aims to support companies and local areas in the energy transition, offering concrete, integrated solutions to reduce emissions, improve consumption efficiency and enhance resource recovery. Particular attention will be paid to the needs of the most energy-intensive industrial sectors, such as ceramics, glass, paper, chemicals, cement, steel and other industries characterised by processes that are difficult to electrify, all of which face an increasingly complex and challenging path towards Net Zero. Through this partnership, Saipem and Hera Group will make their multidisciplinary expertise available, offering a comprehensive portfolio of technologies and integrated solutions for energy efficiency, renewable energy, hydrogen and carbon capture systems. The objective is to identify, on a case-by-case basis, the most effective energy transition pathway from a technical, energy and economic perspective. Interested companies will be able to benefit from a free preliminary audit designed to assess the best possible decarbonisation pathway from an energy and economic standpoint, as well as support in evaluating incentive schemes available at national and European level to help make projects feasible. This represents a concrete contribution across the entire energy transition value chain, a rapidly evolving sector that is increasingly strategic for the competitiveness of the production system. For Saipem, the agreement with Hera Group forms part of its strategy to support the energy transition of the most complex industrial sectors. The partnership enhances the Group’s engineering and technological expertise and its ability to integrate innovative solutions, strengthening Saipem’s role as a technology partner for Italian industry. It also broadens access to solutions for energy efficiency, renewables, hydrogen and CO₂ capture, in line with Saipem’s evolution towards increasingly sustainable business models. This agreement is fully aligned with the path outlined by Hera Group in its Business Plan to 2029, which envisages €3 billion in investments dedicated to the energy transition and circular economy of local areas and businesses. Also moving in this direction is the cutting-edge project for the capture of CO₂ emissions at the Ferrara waste-to-energy plant, proposed by Hera Group as lead partner in collaboration with Saipem. The project was selected in October 2024 to receive funding under the fourth call for mid-scale projects of the EU Innovation Fund, confirming the multi-utility’s commitment to promoting advanced technologies and strategic partnerships to make a concrete contribution to national and European climate targets. Hera Group Hera Group is one of Italy’s largest multi-utilities and operates in the environment, energy and water sectors, with over 10,500 employees. More than 7.5 million citizens receive at least one service provided by the Group. Listed since 2003, it is among the top 40 Italian companies by market capitalisation, is included in the FTSE MIB index and has been part of the Dow Jones Sustainability Index since 2020, recently renamed the Dow Jones Best-in-Class Index. https://eng.gruppohera.it/group_eng/ Saipem Saipem is a global leader in the engineering and construction of major projects in the energy and infrastructure sectors, both offshore and onshore. Saipem is a “One Company” organised into business lines: Asset Based Services, Drilling and Sonsub, Energy Carriers, Offshore Wind and Sustainable Infrastructures. The company has five fabrication yards and an offshore fleet of 17 owned construction vessels and 12 drilling rigs, nine of which are owned. Always focused on technological innovation, the company’s vision is “Engineering for a sustainable future”. For this reason, Saipem is committed every day to supporting its clients on their energy transition journey towards Net Zero, using increasingly digital means, technologies and processes geared towards environmental sustainability. Listed on the Milan Stock Exchange, Saipem operates in more than 50 countries worldwide and employs around 30,000 people of over 130 nationalities. Website: www.saipem.com Download Press release Hera Group and Saipem launch strategic partnership .pdf 2026-05-06 sede Hera 110x150.jpg

Online since 06/05/2026

Hera, a global leader in sustainability: once again at the top of the Dow Jones Best-in-Class Index

The Group, included for the sixth year in both the Dow Jones Best-in-Class Europe and World Indices, confirms its position as the most sustainable Multi & Water Utility at global level. A further recognition that rewards the results achieved and the Group’s approach to creating shared value for all stakeholders. sede Hera 110x150.jpg centrata According to S&P Global, the Hera Group has once again been ranked the world’s leading company in the Multi & Water Utility sector and has been included, for the sixth consecutive year, in the Dow Jones Best-in-Class Index (formerly known as the Dow Jones Sustainability Index), both at European and global level. This result follows an in-depth assessment of performance across environmental, social and governance (ESG) dimensions. The Dow Jones Best-in-Class Index, a leading international stock market index, comprises listed companies demonstrating the highest performance in Environmental, Social and Governance & Economic dimensions. In particular, the multi-utility has reaffirmed its global leadership in its sector, achieving a score of 83/100 compared with a sector average of 37/100. This recognition rewards the quality of the Group’s sustainability reporting, the results achieved by a company that has always been aware of its role within its operating ecosystem, and its strategy of pursuing the creation of shared value for all stakeholders, in line with its purpose. The Group is considered a best practice across multiple areas: In governance, it stands out for the transparency of its reporting, its careful and effective risk management – including cyber risk – and its exemplary ability to manage the supply chain sustainably; In the environmental dimension, it ranks first for the efficient management of energy in its internal processes and for safeguarding biodiversity in the territories in which it operates, and has distinguished itself in particular for its reporting and management of climate change-related risks and opportunities; In the social dimension, it has achieved the highest global score in respect for human rights, the development of its employees’ human capital, customer engagement, data privacy protection and relations with local communities. These assessments confirm the aspects most highlighted by analysts: a company capable of combining economic growth with sustainable development, continuing to generate value for its stakeholders and not only for shareholders. This is also evidenced by a shared value EBITDA, which rose in 2025 to 60% of Group EBITDA (in line with the 2029 target of 68% set out in the business plan), and by an expected double-digit average annual Total Shareholder Return. Listed since 2003 and included in the FTSE MIB since 2019, Hera stock has been part of the Dow Jones Best-in-Class Index Europe & World (formerly the Dow Jones Sustainability Index) and the FTSE4Good Index since 2020, and is also included in the Italian ESG MIB blue-chip index dedicated to best ESG practices. For a decade, the Group has been included in the FTSE Diversity & Inclusion Index Top 100 and, in 2025, reached the global Top 10, according to FTSE Russell certification, in recognition of its commitment to promoting diversity, inclusion and people development. Furthermore, for the past five years it has ranked among the top three companies in the ESG Identity Corporate Index, acknowledging the full and conscious integration of sustainability policies into its governance and business strategies. Download Press release Hera at the top of Dow Jones Best-in-Class Index.pdf 2026-05-04 sede Hera 110x150.jpg

Online since 04/05/2026

29/04/2026

Online since 29/04/2026 at 16:29

Hera Shareholders’ Meeting: 2025 financial statements approved and dividend increased to 16 eurocents. New Board of Directors appointed

07/04/2026

sede Hera 110x150.jpg centrata The minority lists containing candidates for the appointment of the Board of Directors and the Board of Statutory Auditors, accompanied by the respective documents required by current norms, registered within the deadline by shareholders in light of the Shareholders Meeting called for 29 April 2026, are available to the public at the Company headquarters, on Hera Group’s website (https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings), and on the authorised storage website 1INFO (www.1Info.it). Download Press release 20260408 Pubblication of minority lists of candidates.pdf 2026-04-08 17:50:00 sede Hera 110x150.jpg

Minority lists for the appointment of the Board of Directors and the Board of Statutory Auditors published

Online since 07/04/2026 at 17:50

07/04/2026

sede Hera 110x150.jpg centrata Kindly note that the folder containing the draft Separate Financial Statements and Consolidated Financial Statements as of 31/12/2025, including the Report of the Board of Statutory Auditors and the Report of the Independent Auditors has been made available to the public at the company headquarters, on the website https://eng.gruppohera.it/ and on the authorised storage platform 1INFO (www.1Info.it). In the same way, the Corporate Governance Report and the Report on Remuneration Policy and Compensation Paid are also available. Download Press release Press release Financial Statements FY2025.pdf 2026-04-07 17:28:00 sede Hera 110x150.jpg

Publication of the Draft Separate and Consolidated Financial Statements as of 31.12.2025, the Corporate Governance Report, and the Report on Remuneration and Compensation Paid

Online since 07/04/2026 at 17:28

27/03/2026

sede Hera 110x150.jpg centrata Kindly note that the following documentation, pertaining to the Shareholders Meeting convened for 29 April 2026, is available to the public at the Company headquarters, on the authorised storage website 1INFO (www.1Info.it) and on Hera Group’s website (https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings): Hera S.p.A. Board of Directors’ Explanatory Report regarding item 2 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 3 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 4 on the agenda 2026-03-27 11:48:00 sede Hera 110x150.jpg

Publication of documents pertaining to the Shareholders Meeting to be held on 29 April 2026

Online since 27/03/2026 at 11:48

Price sensitive release

Hera Group approves results at 31/12/2025

The year closed with a 4% increase in net profit attributable to shareholders and a 20% rise in investments. Value creation for all stakeholders and a solid capital structure once again confirm the Group’s ability to combine business growth with sustainable development. The proposed dividend increases to 16 euro cents per share, up 6.7%.

Online since 25/03/2026 at 13:01

24/03/2026

sede Hera 110x150.jpg centrata The majority lists of candidates for the appointment of the Board of Directors and the Board of Statutory Auditors, accompanied by the relevant documentation required by the regulations in force, registered within the deadline by shareholders in light of the Shareholders Meeting called for 29 April 2026, are available to the public at Group’s headquarters, in the dedicated section of the company’s website (https://eng.gruppohera.it/group/corporate_governance/shareholders_meetings/) and on the authorised storage mechanism 1INFO, which can be accessed at www.1Info.it. 2026-03-24 09:23:00 sede Hera 110x150.jpg

Majority lists published for the appointment of the Board of Directors and the Board of Statutory Auditors

Online since 24/03/2026 at 09:23

16/03/2026

M&A

The integration further strengthens the multi-utility’s position in both municipal and industrial water treatment, while activating strong commercial synergies with its subsidiary Herambiente. The transaction, with a total value of €138 million, is expected to contribute more than €20 million to the growth of the Hera Group’s EBITDA.

Hera Group finalises the acquisition of the Sostelia Group and becomes Italy’s leading player in water treatment

Online since 16/03/2026 at 12:49

09/03/2026

M&A

Through Herambiente Servizi Industriali, national leader in industrial waste treatment, the multi-utility increases its stake in the Ancona-based operator to 83%. A significant opportunity for the local area, with employment expected to double

Hera Group acquires control of SEA

Online since 09/03/2026 at 11:44

04/03/2026

sede Hera 110x150.jpg centrata Hera S.p.A.’s public shareholders syndicate committee, chaired by the Mayor of Modena, Massimo Mezzetti, met today in Bologna. The Committee approved the list of candidates for the positions of members of the Board of Directors and the Board of Statutory Auditors to be proposed for appointment at the Shareholders’ Meeting scheduled for 29 April 2026. In accordance with regulations, the lists will be made public by 8 April. The Committee also confirmed Cristian Fabbri as Executive Chairman and Orazio Iacono as Chief Executive Officer for the 2026–2029 term. The list of candidates will now be submitted to the Shareholders’ Meeting, which will be called to vote on the renewal of the company’s governing bodies for the upcoming mandate. 2026-03-04 16:50:00 sede Hera 110x150.jpg

Hera S.p.A. Shareholders’ Syndicate Committee: Cristian Fabbri and Orazio Iacono confirmed in top roles

Online since 04/03/2026 at 16:50

03/03/2026

sede Hera 110x150 (1).jpg centrata Kindly note that the following documentation, pertaining to the Shareholders Meeting convened for 29 April 2026, is available to the public at the Company headquarters, on the authorised storage website 1INFO (www.1Info.it) and on Hera Group’s website (https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings): Hera S.p.A. Board of Directors’ Explanatory Report regarding item 5 on the agenda Hera S.p.A. Board of Directors’ Explanatory Report regarding item 6, 7, 8 and 9 on the agenda 2026-03-03 09:45:00 sede Hera 110x150 (1).jpg

Publication of documents pertaining to the Shareholders Meeting to be held on 29 April 2026

Online since 03/03/2026 at 09:45

18/02/2026

For the sixth consecutive year, Hera has been included in the S&P Global Sustainability Yearbook, ranking in the “Top 1%” of the world’s best-performing companies in its sector, with outstanding results particularly in governance and social performance

Other press releases

Hera Group: best Multi & Water Utility according to S&P

Online since 18/02/2026 at 10:18

27/01/2026

sede Hera 110x150.jpg centrata Please note that the document entitled “Guidance from the Board of Directors of Hera S.p.A. to shareholders on the composition of the Board of Directors” was published today and is available on the Company’s website at the page: https://eng.gruppohera.it/group_eng/corporate-governance/shareholders-meetings and on the authorised storage platform 1INFO (www.1Info.it) Download the press release 20260127 PR Guidance from the BoD of Hera S.p.A. to shareholders on the composition of the BoD.pdf 2026-01-27 09:31:00 sede Hera 110x150.jpg

Guidance from the Board of Directors of Hera S.p.A. to shareholders on the composition of the Board of Directors

Online since 27/01/2026 at 09:31

26/01/2026