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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hera
Hera (HER) investor relations material
Hera Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
Adjusted 9M EBITDA rose 6.9% to €1,036.7m; adjusted net profit after minorities increased 16.5% to €296.7m, with growth across all business areas.
Adjusted revenue grew 11.4% to €10,250.9m and adjusted EBIT increased 13.1% to €524.0m.
Results were resilient and in line with business-plan expectations despite macroeconomic uncertainty, higher energy prices and working-capital pressures.
Financial highlights
Adjusted net profit was €324.5m, up 14.1%; adjusted net profit after minorities was €296.7m, up 16.5%, including a €6m IRAP tax impact.
Adjusted EBITDA margin was 10.1%, versus 10.5%; adjusted EBIT margin increased to 5.1% from 5.0%.
Gross operating investments including grants reached €777.9m, up 16.7%; operating cash flow was €802m and free cash flow was €235m.
Net financial debt rose 17.1% to €4,618.1m from €3,944.4m at year-end 2025.
Outlook and guidance
Business-plan targets and investment pace remained unchanged; management expects net debt/EBITDA to decline progressively, subject to energy prices.
Development capex was 2.0x the prior-year level, focused on regulated infrastructure and the RAB; the €50m Bubano water plant is due for main works completion by end-2026.
Binding agreements for 70% of Kronos Polymer Polska and 100% of Gigas Rete were expected to close in the coming months; a possible STG-service extension remained under discussion.
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Latest events from Hera
- Adjusted EBITDA rose 15.4%, net debt fell 9.9% and the proposed dividend increased 12%.HER
H2 2023 - EBITDA up 7.5% and net profit up 15.8% YoY, with investments surging 56%.HERQ2 2026
- EBITDA and net profit rose despite lower revenue, with strong capex and M&A activity.HERQ1 2026
- Revenue up 10.6% and net profit up 4.2%, with robust investments and stable EBITDA.HERQ3 2025
- Net profit up 5% and revenues up 18.7%, with strong capex, lower debt, and broad segment growth.HERQ2 2025
- Net profit up 20.1% and EBITDA up 3.1%, despite a 25.3% revenue decline.HERQ3 2024
- EBITDA and net profit rose in H1 2024, driven by networks, waste, and water growth.HERQ2 2024
- Revenue up 28.3%, net profit up 7.4%, and EBITDA stable at €418m.HERQ1 2025
- Record EBITDA and net profit growth, improved leverage, and higher dividend drive value creation.HERQ4 2024
Next Hera earnings date
Q4 202624 Mar, 2027
Hera
Next Hera earnings date
Q4 202624 Mar, 2027
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Frequently asked questions
Hera S.p.A. is an Italian multi-utility company that operates in the energy, water, and environmental sectors. The company provides a broad range of services, including the distribution and sale of natural gas and electricity, integrated water services such as water supply and wastewater treatment, and waste management services, including collection, recycling, and disposal. Hera serves residential, commercial, and industrial clients, with a focus on sustainability and innovation in resource management. The company plays a key role in supporting Italy's infrastructure for energy and environmental services. It is headquartered in Bologna, Italy, and its shares are listed on Borsa Italiana.