Italy · Delayed Price · Currency is EUR Hera S.p.A. Earnings Call Transcripts
Fiscal Year 2026
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Structural growth and stable margins drove a 1% net profit increase in Q1 2026, with strong cash flow supporting investments and M&A. Energy and waste segments outperformed, while financial flexibility and ratings remained robust.
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2025 targets include EBITDA above €1.53bn, net profit over €460m, and a net debt/EBITDA below 2.6x. The plan emphasizes value creation, sustainability, and innovation, with €5.5bn in investments and a focus on regulated businesses, M&A, and rising dividends.
Fiscal Year 2025
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Net profit rose 4% year-over-year, with strong cash flow, improved leverage, and a 22% TSR. Balanced growth across energy, networks, and waste, supported by M&A and efficiency, positions the group for continued resilience and expansion in 2026.
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Competitive energy and waste markets drive growth, with strong investment in infrastructure and selective M&A. Customer loyalty remains high, and regulatory changes have minimal impact on current plans. Leverage is low, with flexibility for future growth and capital allocation.
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Net profit rose 5% year-over-year, with strong cash flow, reduced debt, and double-digit returns. Structural growth in waste and networks offset declines in temporary energy opportunities, while investments and M&A activity accelerated.
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Q1 2025 delivered 7% net profit and EPS growth, with stable EBITDA and strong cash generation. Structural improvements offset declining temporary market opportunities, while investments and regulatory changes supported double-digit network growth and resilient waste performance.
Fiscal Year 2024
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Record profit and EBITDA growth in 2024 were driven by all business lines, especially networks, with strong cash generation and improved leverage. Continued investment, M&A, and a stable outlook support ongoing value creation and dividend policy.
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Nine-month results show strong organic growth, with EBITDA and net profit up year-over-year, driven by operational improvements, customer expansion, and reduced financial expenses. Total shareholder return reached 24%, and the company remains ahead of business plan targets.
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H1 results show EBITDA and net profit growth, driven by strong network and waste performance, stable margins, and disciplined capital allocation. Customer base expanded, debt and cash flow remain healthy, and the outlook for H2 is positive, with sustainability targets on track.