Iscriviti a InvestorNews
per aggiornamenti sui risultati e sulla strategia del Gruppo Hera
InvestorNews
Financial Results 9M 2025
Looking at the figures
Focus on nine-month 2025 results
The third quarter provided continuity to the series of results that confirm consistent progress towards the targets set out in the Plan. In the first nine months of 2025, Hera Group recorded a 4.2% increase in Net Profit after minority interests.
The increase at the P&L bottom line reflects the combination of a slight decline in operating profit (EBIT: -0.5%) and a significant improvement in the net result of financial management (27.5 m€), due both to the ongoing normalisation of the energy market and the liability management activities carried out in previous quarters.
Networks were the area that contributed most to the Group's EBITDA (429.0 m€ out of a total of 1,037.2 m€, accounting for 41.4%). The Energy segment also remains significant, as it still accounts for 29.9% of consolidated EBITDA, despite the lack of approximately 65 m€ in EBITDA from market opportunities (mainly contracts in last resort markets), which had allowed the Group to benefit from high margins in the first nine months of 2024. Finally, the Environment sector continues to be a cornerstone of the Group's portfolio, with a 26.5% weight on Group's EBITDA: in the first nine months of 2025, that business posted a 1.2% growth rate, driven by strong performance in all segments of waste treatment and soil remediation. The growth achieved by the Environment area is significant, especially when considering the normalisation of the contribution from electricity hedging contracts, which offered attractive returns in the first nine months of 2024.
During the period, the Plan’s operating investments continued, with an increase of 18.3% compared to the same period in 2024. Robust cash generation (approximately 903 m€) enabled Hera to cover capex, working capital, provisions and the dividends distributed last June, while generating just a limited negative balance of 183.5 m€. As of 30 September 2025, with net financial debt of 4,147.2 m€, leverage remained at conservative levels (2.6x), thus proving, once again, the broad financial flexibility Hera can count on.
| 9M 2025 (data in m€) |
TOTAL REVENUES 9,475.3 (+10.5%) |
EBITDA 1,037.2 (-0,0%) |
NET PROFIT 294.7 (+4.2%) |
NET OPERATING INVESTMENTS 632.6 (+18.3%) |
NET FINANCIAL DEBT 4,147.2 (+183.5 m€ vs 3,963.7 as at 31 Dec 2024) |
In the first nine months of 2025, Group Revenues increased by 10.5% compared to the same period in 2024, reaching 9,475.3 m€. The Energy segment had a strong drive, due to higher commodity prices and increased volumes, both in gas trade and electricity sale. On the other hand, lower volumes of gas sold to retail customers had a negative impact, due to the energy efficiency measures completed in the past. A positive contribution (+164.1 m€) also came from Network revenues, which grew as a result of new Regulator’s tariffs and premiums recognised in the Water business. Finally, in the Environment area, Hera benefited from the continued expansion of the waste recovery market, with strong growth particularly in soil remediation activities.
In the first nine months of 2025, Hera Group’s EBITDA stood at 1,037.2 m€. The flattish performance over the nine-month 2024 figure (1,037.6 m€) suggests that growth achieved across the whole business portfolio almost completely offset the absence of non-recurring growth opportunities, which amounted to 85 m€ in the first nine months of 2024.
| EBITDA (m€) | 9 MONTHS 2025 | 9 MONTHS 2024 | Change |
| Waste | 274.9 | 271.6 | 1.2% |
| Networks | 429.0 | 390.9 | 9.7% |
| Energy | 310.5 | 353.0 | -12.0% |
| Other services | 22.7 | 22.1 | 2.7% |
| TOTAL | 1037.2 | 1037.6 | 0.0% |
Consolidated EBITDA benefited from the very positive contribution of Networks, which showed a 10% increase in EBITDA. All the main regulated businesses grew compared with the first nine months of 2024 (Water: +19 m€; Gas Distribution: +18 m€; Electricity Distribution: +€4 m€). The EBITDA growth in the Networks businesses proves the effectiveness of the strategic decision to accelerate investments in the regulated part of the portfolio and the attractive returns that such investments provide. At the same time, the improvement in nine-month 2025 EBITDA reflects the positive impact of inflation adjustments as well as the settlement of costs retroactively recognised by the Regulator (for the years 2022, 2023 and 2024), in addition to the efficiencies that Hera achieved compared to the allowed costs. The sum of these positive elements more than offset the negative impact of the WACC cut set by the Regulator in the gas and electricity distribution businesses.
In the first nine months of 2025, the Environment area also made a positive contribution to the Group's EBITDA performance: it recorded an overall increase of 3.3 m€, due to healthy results in waste treatment and plastic recycling activities, as well as in soil remediation. This result is even more impressive when considering that in the first nine months of 2024 Hera could count on electricity hedging contracts, now expired, which contributed approximately 19 m€. Excluding this component, which was no longer present in 2025, the structural growth of the Environment segment was in the region of 9%. In waste treatment, Hera not only managed to recover inflation but also applied prices that reflect a premium, based on the specialised solutions it is able to offer to industrial customers.
A proper assessment of Hera's performance in the Energy sector must consider the 65 m€ generated in the first nine months of 2024 from temporary opportunities, notably for the attractive margins on supply contracts in last resort markets, amidst the energy crisis. Net of this non-recurring contribution, the structural growth of Energy stands at 8%: an increase of approximately 23 m€.
In the nine-month 2025 period, the Group’s EBIT recorded a marginal decrease (-0.5%), reaching 519.9 m€. Such performance reflects the positive impact of lower Provisions and Write-downs, due to the normalisation of the energy crisis, while reflecting the higher weight of Depreciation and Amortisation for new development investments.
The Result of Financial Operations increased by 27.5 m€ compared to the first nine months of 2024, thus posting a negative balance of 71.4 m€. Such a significant progress reflects the successful effort to optimise the debt structure and reduce its cost. Lower net financial charges also reflect decreased need to cover working capital as energy markets gradually return to normal.
After taxes for 132.6 m€, which bring the tax rate up to 29% (was 28% in the first nine months of 2024), Net Profit after Minorities stands at 294.7 m€, recording a 4.2% hike.
Net Financial Debt, which as of 31 December 2024 was 3,963.7 m€, rose by 183.5 m€, reflecting the absorption of net cash generation (Free Cash Flow of 310 m€) due to development capex (approximately 234 m€) and dividends distributed for the 2024 fiscal year (approximately 259 m€).
The Debt-to-EBITDA ratio, which stood at 2.6x as of 30 September 2025, confirms the still-significant financial flexibility that Hera can deploy to seize future M&A opportunities.