Hera S.p.a. MIL:HER
Hera S p A : Analyst Presentation Q12026
Source: MarketScreener
Q1 2026
Solid structural growth trend 2
STRUCTURAL EBITDA (m€)
419
385
358
Q1 '24
Q1 '25
Q1 '26
HIGH SINGLE DIGIT CAGR
ALIGNED WITH BUSINESS PLAN TARGETS
Results at a glance 3
NET PROFIT (m€)
143
154
155
Q1 '24
Q1 '25
Q1 '26
GROWTH +1%
Net Debt / Ebitda (x)
2.5x
2.6x
2.6x
Q1'25
'25
Q1'26
CONFIRMED
POSITIVE GROWTH AND PRESERVED BALANCE SHEET HEADROOM Temporary Opportunities contribution
Ebitda growth drivers and mix 4
Q1 '25 | Temp. | Q1 '25 | One offs | One offs | Energy | Networks | Waste | Other | Q1 '26 |
Opp. | Adj. | '25 | '26 |
EBITDA GROWTH BY BUSINESS (m€)
418
+3
419
385
+24
+11
+9
(33)
(13)
ALL BUSINESSES CONTRIBUTE TO GROWTH
Financial mgmt (m€)
33
13 14
Q1 '24
Q1 '25
Q1 '26
STABLE
P&L: From Ebitda to Net profit 5
Provisions (m€)
40
34
28
Q1 '24
Q1 '25
Q1 '26
STILL NORMALIZING
P&L (m€)
419
249
(142)
(28)
(14)
155
(69)
(11)
Ebitda
D&A Provisions Ebit
Financial mgmt
Tax
Minorities Net profit
Q1 '25
(137)
(34)
(13)
(70)
(10)
154
247
418
STRUCTURAL GROWTH & PROVISION OPTIMIZATION OFFSET TEMPORARY OPPORTUNITIES IMPACT
Energy results 7
Ebitda growth (m€)
160
+24
162
+11
(33)
Q1 '25
Temp. Opp.
One off
Q1 '26
Supply & VAS
Q1 '26
COMPENSATING NORMALIZATION OF TEMPORARY OPPORTUNITIES
Waste results 9
Ebitda growth (m€)
91
+2
92
+1
+3
(2)
(4)
Q1 '25
One offs Q1 '26
Elect. WTE
Collection
Treatment
M&A
Q1 '26
ALL ACTIVITIES CONTRIBUTED TO GROWTH
10
Ebitda growth (m€)
159
+6
+3
+1
+1
157
(13)
Networks results 11
Q1 '25 | One off | Water | Gas dist. | Elect. dist. | District | Q1 '26 |
Q1 '25 | Heating |
ORGANIC GROWTH FULLY OFFSETS '25 ONE OFFS
12
Financials
Financials 13
Group Cash flows (m€)
Net Debt / Ebitda (x)
315
(3)
(17)
154
(142)
(96)
(142)
(84)
2.5x 2.6x 2.6x
Op. CF NWC* Provisions Maint.
Capex
FCF Dev. Capex* M&A Debt Change
Q1'25 '25 Q1'26
STRONG CASH GENERATION CONFIRMS FINANCIAL FLEXIBILITY* Including grants and contributions for 16 m€
Financials 14
Ratings
RATINGS STABLE
Baa1 Stable Outlook
BBB+ / A-2
Stable Outlook
Interest rates (%)
Fixed
90%
Variable
10%
TYPE OF DEBT FIXED
Cost of debt (x)
2.7% 2.8% 2.8%
Q1'24 Q1'25 Q1'26
COST OF DEBT STABLE
RATINGS BASED ON SOLID FUNDAMENTALS
15
Closing remarks 16
Structural growth offset end of temp. opportunities and one offs
Cash flows: covered also large part of M&A, confirming leverage at 2.6x
Governance : AGM renewed the 3Y mandate of Executives
SOLID AND RELIABLE RESULTS
17
Annex: P&L 18
Q1 '25 | Q1 '26 | ||
REVENUES | 4,358.7 | 3,564.2 | (18.2%) |
EBITDA | 418.0 | 418.9 | +0.2% |
Ebitda margin | 9.6% | 11.8% | |
Depreciation and provisions | (170.8) | (170.1) | |
EBIT | 247.2 | 248.8 | +0.6% |
Financial costs | (17.6) | (19.1) | |
Income from Associates & J.V. | 4.3 | 4.8 | |
PRETAX PROFIT | 234.0 | 234.5 | +0.2% |
Tax | (70.2) | (69.4) | |
Tax rate | 30.0% | 29.6% | |
Minorities | (10.1) | (10.5) | |
NET PROFIT POST MIN. | 153.7 | 154.6 | +0.6% |
Annex: Networks, Energy and Waste 19
Networks (m€)
Energy (m€)
Ebitda (m€) | Q1 2025 | Q1 2026 | Ch. |
Energy | 160.4 | 162.2 | +1.9 |
Gas supply | 113.9 | 100.5 | (13.4) |
Electricity supply | 37.3 | 39.7 | 2.5 |
Power generation | 0.4 | 11.7 | 11.4 |
Energy efficiency + VAS | 5.2 | 6.5 | 1.2 |
Public Lighting | 3.6 | 3.8 | 0.2 |
Ebitda (m€) | Q1 2025 | Q1 2026 | Ch. |
Waste | 91.3 | 91.8 | +0.5 |
Treatment | 74.1 | 73.5 | (0.6) |
Collection | 17.3 | 18.4 | 1.1 |
Volumes (kton) | Q1 2025 | Q1 2026 | Ch. |
Urban W. Volumes 514.0 | 508.6 | (5.3) | |
Special W. Volumes 826.1 | 815.0 | (11.1) | |
Waste from third parties | 1,340.0 | 1,323.6 | (16.4) |
Internal W. Volumes 559.8 | 524.6 | (35.2) | |
Total Volumes Treated | 1,899.8 | 1,848.2 | (51.6) |
Volumes Q1 2025 | Q1 2026 | Ch. |
Water (mm3) 65.8 | 65.9 | +0.1 |
Gas Distribution (mm3) 992.6 | 1,003.8 | +11.2 |
Electricity Distribution (GWh) 685.8 | 706.0 | +20.1 |
District Heating (GWht) 218.7 | 226.8 | +8.1 |
Customers ('000) Q1 2025 | Q1 2026 | Ch. |
Gas customers 1,993.8 | 1,815.5 | (178.3) |
Electricity customers 2,633.6 | 2,486.0 | (147.7) |
Energy customers 4,627.4 | 4,301.5 | (325.9) |
Waste (m€)
Ebitda (m€) | Q1 2025 | Q1 2026 | Ch. |
Networks | 158.8 | 157.1 | (1.7) |
District Heating | 6.4 | 7.5 | +1.0 |
Gas distribution | 63.9 | 58.6 | (5.3) |
Electricity distribution | 17.3 | 16.4 | (0.9) |
Water | 71.2 | 74.6 | +3.5 |
Waste (m€)
Water (m€)
Annex: Waste and Water 20
(m€) Q1 2025 | Q1 2026 | Ch. |
Revenues 440.7 | 473.0 | +32.3 |
Ebitda 91.3 | 91.8 | +0.5 |
(m€) Q1 2025 | Q1 2026 | Ch. |
Revenues 292.2 | 314.1 | +21.9 |
Ebitda 71.2 | 74.6 | +3.5 |
Volumes (kton) | Q1 2025 | Q1 2026 | Ch. |
Urban W. Volumes 514.0 | 508.6 | (5.3) | |
Special W. Volumes 826.1 | 815.0 | (11.1) | |
Waste from third parties | 1,340.0 | 1,323.6 | (16.4) |
Internal W. Volumes 559.8 | 524.6 | (35.2) | |
Total Volumes Treated | 1,899.8 | 1,848.2 | (51.6) |
Data Q1 2025 | Q1 2026 | Ch. |
Aqueduct (mm3) 65.8 | 65.9 | +0.1 |
Sewerage (mm3) 54.9 | 54.4 | (0.5) |
Purification (mm3) 55.1 | 54.5 | (0.6) |
Electricity (m€)
Gas (m€)
Annex: Gas and Electricity 21
(m€) Q1 2025 | Q1 2026 | Ch. |
Revenues 2,410.5 | 1,729.5 | (681.0) |
Ebitda 187.3 | 170.5 | (16.7) |
(m€) Q1 2025 | Q1 2026 | Ch. |
Revenues 1,373.2 | 1,197.6 | (175.6) |
Ebitda 60.8 | 74.2 | +13.4 |
Data | Q1 2025 | Q1 2026 | Ch. |
Volumes distrib. (mm3) | 992.6 | 1,003.8 | +11.2 |
Volumes sold (mm3) | 4,216.4 | 3,928.0 | (288.5) |
of which trading (mm3) | 3,008.1 | 2,924.0 | (84.1) |
District Heating (GWht) | 218.7 | 226.8 | +8.1 |
Clients ('000 unit) | 1,993.8 | 1,815.5 | (178.3) |
Data Q1 2025 | Q1 2026 | Ch. |
Volumes sold (GWh) 4,416.5 | 3,848.8 | (567.7) |
Volumes distrib. (GWh) 685.8 | 706.0 | +20.1 |
Clients ('000 unit) 2,633.6 | 2,486.0 | (147.7) |
* Gas includes contribution of the following businesses: gas distribution, gas supply, district heating and energy efficiency.
Electricity includes contribution of the following businesses: electricity distribution, electricity supply, power generation and public lighting.