The first nine months of 2023 showed double-digit growth, moving from EBITDA to the P&L bottom line.
A set of clear features backs up the quality of the growth achieved over the period. Indeed, this was a cross-sectional growth, which involved operational, financial, and fiscal management, as well as all businesses across the multi-utility portfolio. Such growth can also be described as qualitative due to the high EBITDA component achieved in activities that contribute to the energy transition and circularity.
The Energy area goes on playing a driving role, in the wake of repeated and well-targeted achievements through commercial activities that often bring with them better margins. The outcome is that Hera can now leverage a solid base of 3.8 million customers.

The last three months have seen an unfavourable scenario for equity investment: interest rates rising steadily, reaching 20-year peaks; the Chinese economy afflicted by persistent weakness; and, on 7 October, the outbreak of war in the Middle East, which exacerbated geopolitical tensions. The indices thus showed a volatile trend. The performance of Hera’s shares reflected this market sentiment: multiples have therefore not yet discounted the brokers’ upward revisions to estimates after half-year results.
As the end of the Central Banks’ aggressive cycle of interest rate rises approaches, the general market sentiment is starting to become less uncertain, especially looking ahead to 2024…