The first nine months of the year closed with the main economic and financial indicators showing growth, in line with the first two quarters. The results achieved, even more significant when compared on a like-for-like basis with the previous year, reaffirm the multi-utility’s solidity and the effectiveness of its multi-business industrial strategy.
Economic and financial highlights
- Adjusted* revenue at €10,250.9 million
- Adjusted* EBITDA at €1,036.7 million (+6.9%)
- Adjusted* net profit post minorities at €296.7 million (+16.5%)(+15.8%)
- Gross operating investments at €777.9 million (+16.7%)
- Adjusted* ROI at 9% and Adjusted* ROE at 11.2%
- Net financial position at €4,618.1 million, with Adjusted* net debt/EBITDA at 3.0x
The Hera Group’s Board of Directors, chaired by Executive Chairman Cristian Fabbri, today unanimously approved the consolidated results as at 30 September 2026, which show particularly significant growth on a like-for-like basis compared with 2025. Even when comparing the accounting figures, the underlying performance remains positive, with all margins and net profit levels up on the same period of the previous year.
The results achieved demonstrate the Hera Group’s resilience and its ability to successfully navigate a macroeconomic and geopolitical environment still characterised by significant factors of uncertainty. Despite ongoing international tensions and volatility in energy markets, operating performance strengthened further, with industrial margins and financial results improving compared with the first nine months of 2025, confirming the resilience of the business model and consistent value creation.
Cristian Fabbri, Executive Chairman of the Hera Group, stated:
“Despite a turbulent and uncertain economic scenario, the results achieved as at 30 September 2026 confirm the relevance of the development and value creation targets set out in our Business Plan. The 34% growth in total investments, which exceeded €920 million, is consistent with the growth targets for internal lines and through M&A. The adjusted EBITDA of €1,037 million, up 6.9%, and the positive economic indicators, in line with the trend in the first two quarters, are supported by the growth of all the business segments that make up our balanced and resilient portfolio.”
Orazio Iacono, CEO of the Hera Group, stated:
“In the first nine months of 2026, the Group recorded a further improvement in its financial results compared with the same period of 2025, despite persistent macroeconomic uncertainty and the absence of certain positive non-recurring items recorded in the previous year. Returns on invested capital remained solid, with adjusted ROI at 9%. Adjusted net profit post minorities reached €296.7 million, up 16.5% on a like-for-like basis, showing a further acceleration compared with the first half. Strong cash generation supported the Group’s balance sheet soundness, while adequate liquidity and financial flexibility enabled it to manage volatility in the energy market while maintaining the pace of execution of the challenging Capex Plan.”
Revenues at €10.3 billion
Revenues as at 30 September 2026 rose to €10,262.1 million, compared to €9,365.6 million in the same period of the previous year. On a like-for-like basis, adjusted revenue for 9M amounted to €10,250.9 million, up 11.4% compared to €9,205.4 million adjusted as at 30 September 2025, mainly due to the increase in average prices of energy commodities, especially in the last quarter, and to higher gas trading activity. Revenues in network services and the waste business area also increased, driven in particular by treatment, recovery and remediation activities, as well as the aforementioned M&A transactions.
EBITDA up
EBITDA amounted to €1,047.9 million, up compared to €1,037.2 million as at 30 September 2025. Adjusted EBITDA amounted to €1,036.7 million, up 6.9% compared to €970.1 million in the same period last year, with positive contributions from all business segments.
Net operating profit/loss and pre-tax profit/loss up
EBIT amounted to €535.2 million, up compared to €519.9 million as at 30 September 2025. Adjusted EBIT amounted to €524.0 million, up 13.1% also compared to the same period of 2025. The further improvement compared to EBITDA is due to a decrease in provisions that offsets the higher amortisation/depreciation linked to infrastructure growth.
Pre-tax profit rose to €471.5 million, up from €457.2 million as at 30 September 2025, while the adjusted figure stood at €460.3 million, up 14.9%.
Group net profit and net profit post minorities up
Group net profit rose to €332.4 million, compared to €324.6 million as at 30 September 2025, despite the increase in the tax rate (29.5% compared to 29% in 9M 2025) due to the increase in IRAP set out in the Bills Decree. Adjusted Group net profit increased by 14.1% to €324.5 million, compared to €284.5 million in the same period of 2025. Similarly, net profit post minorities also increased, amounting to €304.6 million euro compared to €294.7 million as at 30 September 2025. Adjusted net profit post minorities amounted to €296.7 million, up 16.5% compared to the adjusted result as at 30 September 2025.
Increase in gross operating Capital expenditure and maintenance of the Group’s solidity
In terms of Capital expenditure, the Hera Group recorded significant growth compared to the previous year, confirming its commitment to expanding infrastructure and strengthening the resilience of the assets under management, and to promoting technological evolution in support of the green and digital transition. In 9M 2026, the Group’s operating investments, gross of capital grants, rose to €777.9 million, up by over €110 million compared to the same period of the previous year (+16.7%), with a significant increase, especially in the networks and waste business areas.
As at 30 September 2026, ROI stood at 9.1% (adjusted to 9%) and ROE at 11.4% (adjusted to 11.2%). Net debt stood at €4,618.1 million, up from €3,944.4 million as at 31 December 2025, with a net debt/EBITDA ratio of 2.98x (net debt / adjusted EBITDA to 3.0x).
* In order to make the interpretation of the results more in line with the company’s actual performance, the “Adjusted” values include some adjustments of the 2025 and 2026 book values as highlighted in the specific table annexed. For further details, reference is made to the paragraph in the consolidated quarterly report entitled “Special items/financial statements reconciliation”.
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