Hera (HER) Q3 2026 earnings summary

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.