Hera opens 2023 with reassuring results from the first quarter, not just for the entity but also for the quality of the progress achieved.
All typical drivers contributed to the 9.4% increase in EBITDA: organic growth, mainly supported by the expansion of the customer base in the Energy areas and the strong competitive positioning in Waste, as well as activities that promote the circular economy and M&A.
Operating cash flow generation covered increasing capex and the disbursement for acquisitions, while the depletion of stored gas reserves contributed to the debt reduction of 472 million euro.
Hera starts 2023 on a growth path. All KPIs are up compared to the first quarter of 2022, while Net Financial Debt decreases
by €472.2 m, thus taking the Debt-to-EBITDA ratio down to 2.84x.
The Energy and Waste areas, which outperformed the Group average growth, have driven the 9.4% increase in EBITDA.
The quarterly results achieved indicate that Hera continues along the Business Plan’s growth path, by leveraging on its proven ability to manage the operating businesses with prudence and foresight, while riding the opportunities of the scenario…
In a stock market seeking direction, due to uncertainties about when central banks will end their tightening monetary policies, a bullish movement of Hera stock started in recent weeks.
Fuelling the rally, in addition to the healthy FY 2022 results, is the stock’s defensive profile, appreciated by portfolio managers in this de-risking phase, after the difficulties of several banking institutions emerged.
The AGM held on 27 April was a major event. Hera was one of the few Italian listed companies that again allowed its shareholders to be physically present at “Spazio Hera”, where the Meeting took place, even though this year, following the measures to avoid the pandemic, it was still possible to adopt a virtual format, with the vote expressed exclusively by proxy.
Promotion of a genuine and direct shareholder participation in the decisions on the Company’s life and future reveals a spirit reflected in all aspects of Hera’s history: from its commitment to the value creation for all stakeholders – trustfully executed, as 2022 results prove – to the way governance takes shape.
This year, shareholders have also appointed a total of 15 Directors, who will lead Hera over the next three years, demonstrating to embrace the previous Board of Directors’ guidance on the composition of the new administrative body.