Hera S.p.A. (BIT:HER)

Hera S.p.A. Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	470.5	464.3	494.5	441.4	255.2	333.5
Depreciation & Amortization	599.2	590.3	562.4	519.3	434.2	423.6
Other Amortization	1	-	-	-	42.9	39.7
Loss (Gain) on Sale of Assets	-16.1	-23.7	-1.2	-8.4	41.6	25.5
Loss (Gain) on Sale of Investments	-15.4	-13.4	-33.7	9.6	-6.3	25.7
Loss (Gain) on Equity Investments	-16.2	-16.5	-12.3	-10.3	-10	-13.2
Asset Writedown	1.4	1.4	1	6.9	1.5	6.6
Change in Accounts Receivable	-380.8	403.2	-800.9	-81.9	-1,281	-893.8
Change in Inventory	11	-26	39.5	378.9	-627.4	-196.7
Change in Accounts Payable	47.2	-886.8	-49	-507.7	727.8	858.5
Change in Other Net Operating Assets	376.8	537.1	438.2	439.9	252.7	279.8
Other Operating Activities	93.1	95.5	91.6	227	204.2	156.2
Operating Cash Flow	1,271	1,225	853	1,573	35.7	1,045
Operating Cash Flow Growth	0.91%	43.59%	-45.76%	4305.32%	-96.58%	17.28%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-392.5	-340.8	-282.1	-242.7	-225.6	-171.9
Sale of Property, Plant & Equipment	5.6	5.6	8	2.6	3.3	2.5
Cash Acquisitions	-132.2	-25.1	-33.1	-76.2	-50.1	-64.1
Divestitures	-	-	-	-	-	0.2
Sale (Purchase) of Intangibles	-731.9	-687.1	-578.2	-573.1	-483.9	-416.8
Investment in Securities	-0.7	0.3	-0.4	-	-3.2	-11
Other Investing Activities	24.6	-37.3	81.2	30.1	1.1	-1.5
Investing Cash Flow	-1,227	-1,084	-804.6	-859.3	-758.4	-662.6

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	702.9	471.1	614.9	2,127	525.1
Long-Term Debt Repaid	-	-934.4	-281.4	-1,681	-90.7	-795.2
Net Debt Issued (Repaid)	219.2	-231.5	189.7	-1,066	2,036	-270.1
Issuance of Common Stock	45.6	148.1	-	-	-	-
Repurchase of Common Stock	-15.4	-	-6.5	-19.7	-26.7	-0.2
Common Dividends Paid	-213.7	-220.1	-248.8	-239.1	-219.5	-193
Other Financing Activities	-75.2	-307.2	-	1.8	-10.6	-21
Financing Cash Flow	-39.5	-610.7	-65.6	-1,323	1,780	-484.3

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	4.5	-470.3	-17.2	-609.6	1,057	-101.5

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	878.6	884	570.9	1,330	-189.9	873.5
Free Cash Flow Growth	-8.38%	54.84%	-57.07%	-	-	16.34%
Free Cash Flow Margin	6.93%	6.84%	4.39%	8.60%	-0.92%	8.00%
Free Cash Flow Per Share	0.60	0.60	0.40	0.92	-0.13	0.60
Levered Free Cash Flow	16.4	-29.6	79.91	964.23	-994.51	197.16
Unlevered Free Cash Flow	101.84	56.71	156.66	1,051	-943.14	242.85

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	164.1	174.7	192.6	193.4	128	96.2
Cash Income Tax Paid	162	165	193.3	96.6	165.9	156.3
Change in Working Capital	54.2	27.5	-372.2	229.2	-927.6	47.8

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 30, 2026

Data Sources Report a data error