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Visual21 Nov 2025
Data center suppliers
Hera (HER) investor relations material
Hera Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Net profit for the first nine months of 2025 reached €294.7m, up 4.2% year-over-year, reflecting continued value creation and solid performance.
Revenue increased by 10.6% to €9,475.3m, driven by higher energy commodity prices and increased trading volumes.
EBITDA remained stable at €1,037.2m, with a 9% structural growth rate, supported by all business segments.
Operating investments surged 18.8% to €666.8m, with significant allocations to water, waste, and gas sectors.
The group expanded its industrial scope through acquisitions and full consolidation of key subsidiaries, supporting both organic and external growth.
Financial highlights
Net profit post minorities rose from €282.9m to €294.7m year-over-year (+4.2%).
EBITDA was €1,037.2m, with a margin of 10.9%.
EBIT slightly decreased by 0.5% to €519.9m, mainly due to higher depreciation and amortization from new investments.
Free cash flow generation remained strong, supporting a stable net debt/EBITDA ratio of 2.6x.
Return on Equity (ROE) increased to 11.5%, and Return on Investment (ROI) to 11.7%.
Outlook and guidance
The group remains on track to achieve Business Plan targets, emphasizing structural EBITDA growth and disciplined leverage.
Organic growth opportunities are robust across all business areas, with investments prioritized in water, electricity distribution, and waste.
Sustainability and competitiveness are central to the strategy, with investments aimed at innovation and resilience to support the Net Zero 2050 target.
M&A market is not seen as a constraint; potential exists to double the current business plan's M&A impact if suitable opportunities arise.
Dividend policy is reviewed annually, with possible adjustments based on market conditions and business performance.
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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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