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Financial Results 1H 2025
Looking at the figures
Focus on H1 2025 results
In the first six months of 2025, Hera Group results confirm a continuous improvement at the P&L’s bottom line, with Net Profit after Minorities up by 5.0%. That performance was achieved against a slight decline in the operating area (EBIT: -0.5%) while leveraging on the significant improvement in the result of financial management (+22.7 m€). The latter shows a lower absorption in terms of financial charges, made possible by a normalisation of the energy market and the successful activities to optimise Hera’s debt structure.
In the first half of 2025, Networks are the area with the most sizeable weight in determining the Group's EBITDA (292.3 m€ out of a total amount of 721.7 m€, with a 40.5% weight). Even the Energy area continues to offer a fundamental contribution, determining 33.1% of consolidated EBITDA, despite the lack of around 46 m€ of market opportunities – mainly related to the contracts of Last Resort market – which had provided high margins in the first half of 2024. Waste also continues to play a significant role, with an incidence of 24.3% on Group EBITDA, having made an appreciable progress of 2.3%, with resilient volumes even though industrial customers were operating in a highly uncertain scenario in the first half of 2025. Waste EBITDA is even more noteworthy when considering that it no longer benefits from the contribution of about 10 m€ of electricity hedging contracts, which were present in the first half of 2024.
The first half of 2025 has been also characterised by a strong increase (+20.3%) in net operating investments, which reached 394.1 m€, in accordance with the pipeline envisaged in the Business Plan. The continuous cash generation made it possible to finance capital expenditure, working capital, provisions and the dividends distributed last June, generating a surplus of 36.3 m€. This excess cash was reflected in an equal reduction of debt as at 30 June 2025, thus resulting in a leverage level at 2.5x, which expresses great strength and keeps the potential for financial flexibility intact.
| H1 2025 (data in m€) |
TOTAL REVENUES 6,864.4 (+18.7%) |
EBITDA 721.7 (-1.5%) |
EBIT 383.2 (-0.5%) |
TOTAL NET OPERATING INVESTMENTS 394.1 (+20.3%) |
NET FINANCIAL DEBT 3,927.1 (-36.6 m€ vs 3,963.7 as at 31 Dec 2024) |
In H1 2025, Group Revenues reached 6,864.4 m€, up 18.7% compared to the same period of 2024. Growth was mainly driven by the Energy area, as a result of higher commodity prices and higher quantities of gas traded and electricity sold, following the customer base expansion of over 700 thousand units.
The Group EBITDA of the first six months of 2025 is 721.7 m€. The slight decrease compared with the figure of the first half of 2024 (-1.5%) reflects a significant growth across all business areas, which has almost entirely offset certain non-recurring growth opportunities – amounting to €56 million – that had benefited the results of H1 2024.
| EBITDA (m€) | 1H 2025 | 1H 2024 | Change |
| Waste | 175.4 | 171.5 | +2.3% |
| Networks | 292.3 | 268.9 | +8.7% |
| Energy | 238.6 | 278.0 | -14.2% |
| Other services | 15.3 | 14.3 | +7.0% |
| TOTAL | 721.7 | 732.7 | -1.5% |
The development of the Group's EBITDA was positively impacted mainly by the performance of the Networks, which saw their EBITDA grow by a total of 23.4 m€. All regulated businesses showed an improvement compared to H1 2024 (Gas Distribution: +12.8 m€; Water: +10.3 m€; Electricity Distribution: +2.2 m€). The EBITDA growth in the Networks business reflects the positive effects of the inflation adjustment and the cost equalisation recognised by the Authority for the years 2022, 2023 and 2024, cost efficiencies as well as the returns on investments carried out to strengthen the infrastructure. Overall, these factors more than offset the negative impact of the WACC cut made by ARERA on gas and electricity distribution.
The Waste area also made a positive contribution in the half-year period, with an overall increase in EBITDA of 3.9 m€, which reflects the 2.5 m€ increase from waste treatment activities and that of 1.6 m€ from waste collection. The 2.3% increase represents a very strong performance, especially considering the presence of electricity hedging contracts in the first part of 2024 - which have now ended - whose contribution to EBITDA had reached approximately 10 m€: on a like-for-like basis, excluding this component that is no longer present compared to last year, the structural growth of the Waste accounts for approximately 9%. Concerning this area, in more detail, Hera benefitted from the positive performance of soil remediation and plastic recycling activities, as well as from the business opportunities that have emerged through the execution of the NRRP.
In terms of treatment activities, Hera was also able to maintain a pricing that allowed for covering the inflation effects. Lastly, treated volumes showed resilient behaviour, given the external scenario of great uncertainty for industrial customers exposed to the risk of the introduction of new duties by the US.
To assess in a proper way the EBITDA for the Energy area, it should be noted that in the first half of 2024 Hera could count on 46 m€ from temporary opportunities, mainly due to the attractive margins of 2024 supply contracts in the last resort market – margins specifically linked to the energy crisis context. Net of this extraordinary and non-recurring effect, the structural growth of the Energy area stands at 3%, owing to improved margins from trading activities and the acquisition of approximately 700,000 new customers. As of 30 June 2025, the customer base for the Energy areas reached the level of 4.5 million, driven by the strong expansion of customers served in the electricity supply (about +800 thousand).
In H1 2025, Group’s EBIT basically confirmed the data of H1 2024, standing at 383.2 m€. This trend reflects the reduction in Provisions and Write-downs, as a result of the normalisation of the energy crisis. That reduction more than offset the increase in Depreciation and Amortisation for new development investments, particularly in regulated businesses, and for customer acquisition activities in the Energy area.
The Result of Financial Operations shows an improvement of 22.7 m€ compared to the first half of the previous year, posting a negative balance of 39.2 m€ (-36.7%). This very positive performance reflects not only the benefits of the ongoing effort to optimise the financial structure, but also the effects on Hera’s debt of a gradual normalisation of the energy market, which reduced the need to cover working capital. In the new context, the Group succeeded in significantly reducing the financial charges.
After taxes for 101.8 m€, indicating a tax rate of 29% (vs. 28% in the first half of 2024), Net Profit after Minorities amounted to 229.3 m€, recording a 5.0% growth.
Net Financial Debt, which at 31 December 2024 was 3,963.7 m€, decreased by 36.6 m€, due to the cash generation achieved in the first six months of the year.
The Debt-to-EBITDA ratio, which stood at 2.5x as of June 30, 2025, remains therefore at levels that continue to offer Hera a wide range of financial flexibility for future M&A transactions.