with over 4,3 billion euros in revenues (+28,3%) and a Net income of 153,7 million (+7,4%), the Hera Group archive a first quarter 2025 in the name of operational solidity and financial sustainability. The Gross Operating Margin (Mol) stands at 418 million euros, in line with the previous year's result (+0,2%), but with a margin that remains robust in all business areas, offsetting the to fail of the extraordinary components of 2024. The multiutility has also strengthened its capital position: thenet borrowing drops to 3,9 billion euros, with a debt/Mol ratio improved to 2,45x.
- gross operating investments exceed 191 million euros (+22,2%), all entirely self-financed. Hera thus confirms its ability to generate cash and invest to strengthen strategic assets in the environmental, water and energy sectors, while maintaining a strong focus on innovation and ecological transition.
Water and environment drive investments
Il integrated water cycle confirms itself as one of the pillars of the group, with a mol growing by 8,9% to 71,2 million euros and gross investments rising to 75,8 million, +57% on an annual basis. Among the main projects: the strengthening of the aqueduct networks, the upgrading of the purification plants in Lugo and Ravenna and the start of the southern basin system in Rimini, part of the bathing protection plan.
In 'ambient area, the Mol grows to 91,6 million (+2,2%) thanks to the expansion of industrial services, the entry of TRS Ecology (over 2.700 acquired customers) and the development of the remediation segment. The inauguration in Imola of the first European plant is preferably used for carbon fiber regeneration on an industrial scale (FIB3R), symbol of Hera's strategy on the circular economy. The environmental investments grew by 40%, reaching 31,7 million euros in the quarter.
Energy and gas, more customers and new technologies, electric under pressure
THEgas area contributes 44,8% to the group's EBITDA and records a slight growth (+1,8%) to 187,3 million euros. Investments rise to 38,4 million, driven by innovative initiatives such as the interconnection of district heating in Bologna and the first works for the production of hydrogen in Trieste and in the Hydrogen Valley of Modena. The gas customer base reaches 2 million.
The picture is different for theelectricity, where the Mol drops to 60,8 million (-14,6%) due to the decline in the safeguard market. However, Hera balances with a increase in customers: +48,9% in the number of electricity customers, now over 2,6 million, thanks to the acquisition of users in the Gradual Protection Service and the strengthening in the free market. The perimeter of public lighting also grows, with the acquisition of 42.000 new light points in 19 Italian municipalities.
Iacono: “Resilience, sustainability and innovation confirm the solidity of our business model”
The first quarter of 2025 confirms the resilience of the Hera model, capable of generating value even in a complex scenario. The net debt reduction (-67 million compared to the end of 2024) and the debt/Mol ratio falling to 2,45x guarantee the group adequate financial leverage to support any extraordinary operations, even beyond the forecasts of the industrial plan.
“The results achieved by the Hera Group in the first quarter of 2025 confirm our ability to continue on the growth path, even in a complex macroeconomic scenario, keeping the resilience, sustainability and innovation and confirming the solidity of our business model. Good operating and financial performances supported a 7,4% increase innet profit attributable to shareholders, which rose to 153,7 million euros at 31 March 2025. The positive cash generation was able to fully cover the increase in working capital and investments and contributed to further improving financial flexibility, bringing the net debt/EBITDA ratio to 2,45x, lower than the leverage at the end of 2024, representing a strong point to address future external growth opportunities” commented the CEO of Hera, Horace Iacono.
