Reported Earnings • Jul 31
Second quarter 2026 earnings released: EPS: €0.055 (vs €0.052 in 2Q 2025) Second quarter 2026 results: EPS: €0.055 (up from €0.052 in 2Q 2025). Revenue: €3.04b (up 22% from 2Q 2025). Net income: €80.9m (up 7.0% from 2Q 2025). Profit margin: 2.7% (down from 3.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. 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%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (4.1%). Declared Dividend • May 20
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 4.2%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not adequately covered by cash flows (91% 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 9.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 Duyuru • 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. Duyuru • 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. Duyuru • 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 New Risk • Jan 27
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 Risks Shares are highly illiquid. 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). Duyuru • 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. Upcoming Dividend • Jun 12
Upcoming dividend of €0.13 per share at 4.3% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.7%). Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: €0.17 (vs €0.23 in FY 2021) Full year 2022 results: EPS: €0.17 (down from €0.23 in FY 2021). Revenue: €20.6b (up 89% from FY 2021). Net income: €255.2m (down 24% from FY 2021). Profit margin: 1.2% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Jan 25
Hera S.p.A., Annual General Meeting, Apr 27, 2023 Hera S.p.A., Annual General Meeting, Apr 27, 2023. Reported Earnings • Nov 24
Third quarter 2022 earnings released: €0.01 loss per share (vs €0.063 profit in 3Q 2021) Third quarter 2022 results: €0.01 loss per share (down from €0.063 profit in 3Q 2021). Revenue: €5.56b (up 135% from 3Q 2021). Net loss: €15.2m (down 117% from profit in 3Q 2021). Revenue is forecast to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.59, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Integrated Utilities industry in Europe. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.04 per share. Upcoming Dividend • Jun 13
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (4.9%). Lower than average of industry peers (5.0%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €0.087 (vs €0.091 in 1Q 2021) First quarter 2022 results: EPS: €0.087 (down from €0.091 in 1Q 2021). Revenue: €5.41b (up 128% from 1Q 2021). Net income: €126.5m (down 4.3% from 1Q 2021). Profit margin: 2.3% (down from 5.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 36% compared to a 5.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Reported Earnings • Mar 28
Full year 2021 earnings released Full year 2021 results: Revenue: €11.0b (up 48% from FY 2020). Net income: €320.9m (up 6.0% from FY 2020). Profit margin: 2.9% (down from 4.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to decline by 5.7% while the industry in the United Kingdom is not expected to grow. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €2.18b (up 27% from 3Q 2020). Net income: €36.1m (down 46% from 3Q 2020). Profit margin: 1.7% (down from 3.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (4.1%). Reported Earnings • Mar 28
Full year 2020 earnings released: EPS €0.21 (vs €0.26 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €7.55b (up 3.9% from FY 2019). Net income: €302.7m (down 22% from FY 2019). Profit margin: 4.0% (down from 5.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 
