Upcoming Dividend • Jun 15
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 51% and the cash payout ratio is 91%. Trailing yield: 4.2%. Within top quartile of Austrian dividend payers (4.0%). In line with average of industry peers (4.1%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.10 (vs €0.11 in 1Q 2025) First quarter 2026 results: EPS: €0.10. Revenue: €3.56b (down 18% from 1Q 2025). Net income: €154.6m (flat on 1Q 2025). Profit margin: 4.3% (up from 3.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Integrated Utilities industry in Europe. Declared Dividend • May 13
Dividend increased to €0.16 Dividend of €0.16 is 6.7% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Mar 30
Dividend increased to €0.16 Dividend of €0.16 is 6.7% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Hera S.p.A. announces Annual dividend, payable on June 24, 2026 Hera S.p.A. announced Annual dividend of EUR 0.1600 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: €0.32 (vs €0.34 in FY 2024) Full year 2025 results: EPS: €0.32 (down from €0.34 in FY 2024). Revenue: €13.0b (flat on FY 2024). Net income: €464.3m (down 6.1% from FY 2024). Profit margin: 3.6% (down from 3.8% in FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Announcement • Mar 25
Hera S.p.A., Annual General Meeting, Apr 29, 2026 Hera S.p.A., Annual General Meeting, Apr 29, 2026, at 10:00 W. Europe Standard Time. Announcement • Jan 20
Hera S.p.A. (BIT:HER) entered into a binding agreement to acquire S.T.A. Societa Trattamento Acque S.R.L. from Xenon FIDEC managed by Xenon Private Equity S.A. and entrepreneurs representing the companies within the group in a transaction valued at €138 million. Hera S.p.A. (BIT:HER) entered into a binding agreement to acquire S.T.A. Societa Trattamento Acque S.R.L. from Xenon FIDEC managed by Xenon Private Equity S.A. and entrepreneurs representing the companies within the group in a transaction valued at €138 million on January 19, 2026. The transaction, with a total enterprise value of €138 million, is expected, once fully operational, to contribute over €20 million to the consolidated EBITDA growth of the Hera Group. The acquisition by Hera Group is subject to certain customary closing conditions (including notifications and approvals by the competent authorities). The acquisition is expected to be completed by the end of March 2026.
Hera was assisted by PwC as strategic advisor and by the GA-Alliance firm for legal matters, while Xenon was assisted by Rothschild & Co. as financial advisor, by LCA for legal matters, and by Deloitte Financial Advisory and Fortlane Partners as financial advisors. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: €0.044 (vs €0.045 in 3Q 2024) Third quarter 2025 results: EPS: €0.044. Revenue: €2.63b (down 6.4% from 3Q 2024). Net income: €65.4m (up 1.4% from 3Q 2024). Profit margin: 2.5% (up from 2.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Integrated Utilities industry in Europe. Announcement • Oct 02
Hera S.p.A. to Report Fiscal Year 2025 Results between Mar 16, 2026 and Mar 31, 2026 Hera S.p.A. announced that they will report fiscal year 2025 results on between Mar 16, 2026 and Mar 31, 2026 Reported Earnings • May 15
First quarter 2025 earnings released: EPS: €0.11 (vs €0.099 in 1Q 2024) First quarter 2025 results: EPS: €0.11 (up from €0.099 in 1Q 2024). Revenue: €4.36b (up 28% from 1Q 2024). Net income: €153.7m (up 7.4% from 1Q 2024). Profit margin: 3.5% (down from 4.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 3.8%. Declared Dividend • May 12
Dividend increased to €0.15 Dividend of €0.15 is 7.1% higher than last year. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.1% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Declared Dividend • Mar 31
Dividend increased to €0.15 Dividend of €0.15 is 7.1% higher than last year. Ex-date: 23rd June 2025 Payment date: 25th June 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.7% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 30
Hera S.p.A. announces Annual dividend, payable on June 25, 2025 Hera S.p.A. announced Annual dividend of EUR 0.1500 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. New Risk • Nov 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (123% cash payout ratio). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: €0.045 (vs €0.033 in 3Q 2023) Third quarter 2024 results: EPS: €0.045 (up from €0.033 in 3Q 2023). Revenue: €2.81b (down 1.4% from 3Q 2023). Net income: €64.5m (up 35% from 3Q 2023). Profit margin: 2.3% (up from 1.7% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Integrated Utilities industry in Europe. Announcement • Oct 17
Rekeep Reportedly in Exclusive Talks to Sell Energy Arm to Address Debt Rekeep S.p.A. is in exclusive talks to sell its energy arm to a joint venture between efficiency platform Renovit SpA (Renovit S.P.A.) and utility firm Hera S.p.A. (BIT:HER) as it seeks funds to address maturing debt, according to people familiar with the matter. The potential buyers were identified after a process run by its financial advisers Vitale & Co. SpA and UniCredit SpA, said the people, who asked not to be identified because the talks are private. Renovit was created by CDP Equity SpA and Snam SpA. A spokesperson for UniCredit declined to comment on the deal, while representatives for Rekeep, Vitale, Snam, Hera and CDP weren’t immediately available to comment. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.052 (vs €0.041 in 2Q 2023) Second quarter 2024 results: EPS: €0.052 (up from €0.041 in 2Q 2023). Revenue: €2.39b (down 14% from 2Q 2023). Net income: €75.3m (up 27% from 2Q 2023). Profit margin: 3.2% (up from 2.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Integrated Utilities industry in Europe. Announcement • Jul 23
Hera S.p.A. to Report Fiscal Year 2024 Results on Mar 17, 2025 Hera S.p.A. announced that they will report fiscal year 2024 results on Mar 17, 2025 Buy Or Sell Opportunity • Jul 05
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €3.21. The fair value is estimated to be €2.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 9.7%. For the next 3 years, revenue is forecast to grow by 0.4% per annum. Earnings are also forecast to grow by 3.0% per annum over the same time period. Upcoming Dividend • Jun 17
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Austrian dividend payers (6.3%). Lower than average of industry peers (6.2%). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.099 (vs €0.13 in 1Q 2023) First quarter 2024 results: EPS: €0.099 (down from €0.13 in 1Q 2023). Revenue: €3.40b (down 41% from 1Q 2023). Net income: €143.1m (down 26% from 1Q 2023). Profit margin: 4.2% (up from 3.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Integrated Utilities industry in Europe. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: €0.30 (vs €0.17 in FY 2022) Full year 2023 results: EPS: €0.30 (up from €0.17 in FY 2022). Revenue: €15.6b (down 24% from FY 2022). Net income: €375.2m (up 47% from FY 2022). Profit margin: 2.4% (up from 1.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Buy Or Sell Opportunity • Mar 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to €3.29. The fair value is estimated to be €2.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.6% per annum. Earnings are also forecast to decline by 1.2% per annum over the same time period. Buy Or Sell Opportunity • Mar 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €3.30. The fair value is estimated to be €2.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.6% per annum. Earnings are also forecast to decline by 1.2% per annum over the same time period. New Risk • Feb 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks High level of debt (121% net debt to equity). Share price has been volatile over the past 3 months (4.1% average weekly change). New Risk • Jan 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk High level of debt (121% net debt to equity). New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (5.1% average weekly change). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Buying Opportunity • Sep 20
Now 20% undervalued Over the last 90 days, the stock is up 5.6%. The fair value is estimated to be €3.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 8.6%. For the next 3 years, revenue is forecast to decline by 11% per annum. Earnings is forecast to grow by 0.3% per annum over the same time period. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (252% cash payout ratio). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.041 (vs €0.004 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.041 (up from €0.004 loss in 2Q 2022). Revenue: €2.85b (down 23% from 2Q 2022). Net income: €59.5m (up €65.4m from 2Q 2022). Profit margin: 2.1% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to decline by 13% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Announcement • Jul 08
Hera S.p.A. acquired TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl. Hera S.p.A. acquired TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl on July 6, 2023.Hera S.p.A. completed the acquisition of TIEPOLO SRL from Greenfield Renewables S.r.l. and Combigas Srl on July 6, 2023. Announcement • May 16
Hera S.p.A. to Report Q3, 2023 Results on Nov 08, 2023 Hera S.p.A. announced that they will report Q3, 2023 results on Nov 08, 2023 
