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The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Hera
Hera (HER) investor relations material
Hera Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary21 Jan, 2026
Financial outlook and guidance
2025 guidance targets EBITDA above €1.53 billion, net profit over €460 million (up 4% YoY), and net debt/EBITDA below 2.6x, with leverage expected to remain conservative through 2029.
Structural net profit CAGR is projected at 6%, with double-digit total shareholder return (TSR) around 10% by the end of the plan.
Dividend policy is strengthened, with a floor of €0.17 per share in 2025, rising to €0.19 by 2029, and a 27% increase in dividends by 2029.
Financial flexibility is maintained for further M&A or investment opportunities, with strong cash generation and leverage below 2.6x.
Over €11.5 billion in economic value is expected to be distributed to stakeholders from 2025–2029.
Strategic priorities and business model
Multi-business model leverages economies of scale, cross-business synergies, and cash flow reallocation to drive growth and innovation across regulated and unregulated activities.
Focus areas include value creation, resilience through hedging and risk management, and sustainability as a value driver, with a net zero target by 2050.
Innovation and digitization are central, with AI and digital twins used for predictive maintenance, efficiency, and customer engagement.
ESG compliance is achieved, with ongoing investments in climate change adaptation and innovation.
Free cash flow is largely reinvested in development capex, M&A, and dividends, supporting faster network development.
Capital allocation and investment plan
Investment plan totals over €5.5 billion for 2025–2029, a 39–40% increase over the previous period, with 60% allocated to regulated businesses.
48% of investments target infrastructure resilience, 35% resource regeneration, 24% carbon neutrality, and 26% digitalisation and innovation.
Nearly €500 million in funding comes from national and European recovery and resilience programs.
Asset base is set to increase by 30% to €4.7 billion by 2029, with protected returns.
2.9 billion euros in investments are aligned with the EU Taxonomy for sustainable projects, representing 95% of eligible investments.
Reconcile M&A plan with financial flexibility
Quantify AI's impact on network efficiency
Net effect of energy supply margin drivers
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Next Hera earnings date
Q4 202516 Mar, 2026
Hera
Next Hera earnings date
Q4 202516 Mar, 2026
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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.
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