Hera closes on first semester 2026 with profits growing strongly and a new one acceleration on the front of the investmentsThe Italian multiutility recorded an adjusted net profit attributable to shareholders of 227,6 million euros, up 15,8% compared to the same period of 2025, despite a slight revenue decline.
Profitability growth was supported by the good performance of all the group's main business areas. The division Networks, which includes water cycle infrastructure, gas and electricity distribution and district heating, generated a gross operating margin of 284,9 million euros, up 5,8%. The segments also showed growth Energy e Environment, with a EBITDA of 236,9 million (+15,3%) and 178,6 million (+1,8%) respectively.
Hera's first-half results: revenues down but margins up.
Il turnover The group's revenue stood at €6,49 billion, compared to €6,65 billion in the first six months of 2025 (-3%). The decline, the Bologna-based group explains, is primarily due to reduced volumes in last-resort markets and Consip contracts.
On the other hand, operational performance is improving: adjusted EBITDA reached 715,5 million euros, up 7,5% compared to the first half of 2025. The ratio between EBITDA and revenues rose to 11%, from 10% last year, while 65% of the overall EBITDA was generated by the two infrastructure sectors Networks and Environment.
Il adjusted net operating result It stood at €386,5 million, up 14,7%. The increase was driven by lower provisions, which offset higher depreciation related to the growth of infrastructure assets.
Despite the increase in the tax rate, which rose to 29,5% from 29% in the first half of 2025 due to the increase in IRAP provided for by the Bollette Decree, theoverall adjusted net profit grew by 13,5% to 245,8 million euros. Theadjusted net profit Net income attributable to shareholders reached €227,6 million (+15,8%). Excluding the IRAP surtax, the result would have been approximately €232 million, in line with analysts' expectations.
“In 2026 the group achieved further improved economic and financial results compared to the same period in 2025, despite a macroeconomic context characterised by persistent elements of uncertainty – commented Horace Iacono, CEO of Hera -. Adjusted net profit attributable to shareholders stood at €227,6 million, up 15,8%, confirming the group's ability to transform operating growth into greater profitability.
Investments are accelerating rapidly
The real acceleration comes from the investmentsIn the first six months of 2026 Hera has allocated 652,5 million in total euros for development, with a growth of 56% compared to the 417 million of the same period in 2025. In detail, operating investments reached 510,5 million (+23,3%), while 142 million were allocated to M&A operations relating to the acquisitions of Sostelia and Sea.
Development investments grew even more strongly, rising to €362 million, more than 2,6 times the €137 million recorded in the first half of 2025. Resources were directed towards strengthening infrastructure, improving the resilience of managed assets, and promoting the digital and environmental transition.
The external growth operations – explains a note – have already allowed the group to achieve the objectives set for 2026 On the acquisition front, Hera now aims to continue strengthening its infrastructure in the second half of the year and seize new development opportunities.
Debt under control and room for new acquisitions
The increase in investment was supported by a solid operating cash generation, exceeding 700 million euros in the semester.net financial debt stood at 4,25 billion euros, compared to 3,94 billion at the end of 2025, with a net debt/EBITDA ratio of 2,75 times. This level, according to the company, confirms its financial solidity and leaves room for new growth opportunities. ROI adjusted stood at 9,4%, while adjusted ROE reached 10,9%, despite development investments not yet having fully expressed their contribution to results.
"The intensification of investments, both organic and through M&A transactions, was supported by solid operating cash generation," Iacono added. "The solidity of the capital structure highlights the room to seize further growth opportunities."
Hera also strengthens its ESG profile
In the first half of 2026 the Shared Value Mol, linked to the group's activities in line with the objectives of the Global Agenda, rose to 435 million euros, equal to 59,9% of the Total Mol, one percentage point more than in the same period in 2025.
On the front of the sustainabilityHera confirmed its positioning with the inclusion of the stock in the FTSE4Good Index Series for the seventh consecutive year and first place in the ESG Identity Corporate Index 2026, thanks to the integration of ESG factors into strategy, governance and corporate culture.
