# HERA

Summary updated: 2026-10-04T15:25:26.494685Z
Canonical: https://finbar.com/research/companies/hera

## Overview

HERA is an Italian multi-utility operating across energy, water, environmental services and waste management, public lighting, and telecommunications. Its businesses include gas and electricity supply and networks, water services, and waste collection, treatment, and recycling. [1](https://eng.gruppohera.it/group_eng/)

The Group’s principal footprint is Italy, where it has roots in five regions and serves about 7.5 million people. Hera was formed on 1 November 2002 through the merger of 11 municipal multi-utilities in Northern Italy. Its stated ambition is to be Italy’s best multi-utility for customers, employees, and shareholders. [2](https://www.gruppohera.it/documents/688182/0/Company%2Bprofile_Gruppo%2BHera_2025.pdf/1e7fc729-4d7a-5c85-1aa5-efd35b91657a?t=1761819817028) [3](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)

At Group level, FY2025 consolidated revenue was €12,812.2 million and the year-end workforce was 10,456 employees. These figures describe the consolidated Group, rather than Hera S.p.A. on a standalone basis. [4](https://app.finbar.com/go?id=T3218063) [5](https://app.finbar.com/go?id=T454816)
[4](https://app.finbar.com/go?id=T3218063)[5](https://app.finbar.com/go?id=T454816)[1](https://eng.gruppohera.it/group_eng/)[2](https://www.gruppohera.it/documents/688182/0/Company%2Bprofile_Gruppo%2BHera_2025.pdf/1e7fc729-4d7a-5c85-1aa5-efd35b91657a?t=1761819817028)[3](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)

## Products & services

Hera’s offerings are utility services across energy, water and the environment. Its energy services include gas and electricity supply and distribution, power generation, district heating, public lighting, and energy-efficiency and value-added services. Its integrated water service covers water abstraction, treatment and distribution, sewerage, and wastewater purification. [6](https://eng.gruppohera.it/group_eng/business-activities)[7](https://app.finbar.com/go?id=T13859789)

Environmental services include municipal and special-waste collection and treatment, sorting, recovery and recycling. Through Aliplast, Hera also operates in plastics recycling, including partnerships supporting circular-economy initiatives. [7](https://app.finbar.com/go?id=T13859789)[8](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bapproves%2BFY2025%2Bresults%2B.pdf/8a231c2f-3c61-2937-c35d-6719d0a8ce05?t=1774430672240) Hera’s technical capabilities include smart utility metering: at FY2025, 85.5% of electricity meters were second-generation, 93.9% of electronic gas meters were remotely readable, and approximately 256,000 smart water meters had been installed. [9](https://app.finbar.com/go?id=T142059)[10](https://app.finbar.com/go?id=T4524711)
[7](https://app.finbar.com/go?id=T13859789)[9](https://app.finbar.com/go?id=T142059)[10](https://app.finbar.com/go?id=T4524711)[6](https://eng.gruppohera.it/group_eng/business-activities)[8](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bapproves%2BFY2025%2Bresults%2B.pdf/8a231c2f-3c61-2937-c35d-6719d0a8ce05?t=1774430672240)

## Geographic presence

Hera S.p.A. is primarily active in Italy. It provides free-market services nationwide, while regulated public services cover 316 municipalities across Emilia-Romagna, Veneto, Friuli-Venezia Giulia, Marche and Tuscany. Across its services, the Group reaches about 7.5 million people. [11](https://app.finbar.com/go?id=P84817589) Its international activity includes gas and electricity distribution and sales in Bulgaria, where AresGas serves about 29,600 customers. [11](https://app.finbar.com/go?id=P84817589)

Hera’s industrial waste-treatment and recovery facilities extend across eight Italian regions—Tuscany, Lombardy, Piedmont, Emilia-Romagna, Veneto, Friuli-Venezia Giulia, Molise and Umbria—and France, Poland and Spain. [12](https://app.finbar.com/go?id=P116923517) Hera S.p.A.’s registered office is in Bologna, Italy. [13](https://eng.gruppohera.it/documents/1514726/0/Shareholders%2Bmeeting%2Bnotice%2B.pdf/41f449f6-9f14-4485-f1ea-48dcb313baaf?t=1772475943343) The FY2025 information reviewed does not provide revenue or employee figures broken down by geography. [11](https://app.finbar.com/go?id=P84817589)[5](https://app.finbar.com/go?id=T454816)
[11](https://app.finbar.com/go?id=P84817589)[12](https://app.finbar.com/go?id=P116923517)[5](https://app.finbar.com/go?id=T454816)[13](https://eng.gruppohera.it/documents/1514726/0/Shareholders%2Bmeeting%2Bnotice%2B.pdf/41f449f6-9f14-4485-f1ea-48dcb313baaf?t=1772475943343)

## Business segments

Hera presents its activities in a detailed five-area operating view: Gas (natural-gas distribution and sales, district heating, and energy services); Electricity (generation, distribution and sales, and public lighting); Integrated water service (aqueduct, purification and sewerage); Waste management (collection, treatment and recovery); and Other services (telecommunications and other minor services). [14](https://app.finbar.com/go?id=P15308380) Its FY2025 EBITDA-mix presentation also groups the business into Energy, Networks and Waste, indicating a separate, broader grouping rather than the five-area view. [15](https://eng.gruppohera.it/documents/1514726/0/FY2025_Hera%2BGroup%2Banalyst%2Bpresentation.pdf/c69e4647-3246-d0bb-1668-120e40baa353?t=1774445364145)

By that broader grouping, FY2025 EBITDA contributions were approximately 35% Energy, 38% Networks and 24% Waste; the remaining approximately 3% is the residual from the rounded displayed shares. [15](https://eng.gruppohera.it/documents/1514726/0/FY2025_Hera%2BGroup%2Banalyst%2Bpresentation.pdf/c69e4647-3246-d0bb-1668-120e40baa353?t=1774445364145) For H1 2026, reported EBITDA amounts imply approximate contributions of 33% Energy, 40% Networks and 25% Waste, calculated against Group adjusted EBITDA of €715.5 million. [16](https://eng.gruppohera.it/documents/1514726/78425017/Press%20release%20H1%202026.pdf/5fbba50b-752b-5347-bfc2-38dc988aa291) These percentages are EBITDA shares, not revenue shares; the reviewed disclosures do not provide segment revenue percentages.
[14](https://app.finbar.com/go?id=P15308380)[17](https://app.finbar.com/go?id=T3242537)[15](https://eng.gruppohera.it/documents/1514726/0/FY2025_Hera%2BGroup%2Banalyst%2Bpresentation.pdf/c69e4647-3246-d0bb-1668-120e40baa353?t=1774445364145)[16](https://eng.gruppohera.it/documents/1514726/78425017/Press%20release%20H1%202026.pdf/5fbba50b-752b-5347-bfc2-38dc988aa291)

## Company history

Hera was founded on 1 November 2002 through the merger of 11 multi-utility companies in northern Italy. Its shares began trading on Borsa Italiana in June 2003. [3](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)[18](https://eng.gruppohera.it/documents/d/gruppohera-eng/share-key-data-2003-2025_eng) Early expansion included the 2004 merger with Ferrara utility Agea, the integration of Modena utility Meta, and the acquisition of a 46.5% stake in SAT in 2006, followed by approval of the SAT merger in 2007. [3](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)[19](https://eng.gruppohera.it/documents/1514726/4215097/HR_2005.1156768948.pdf/4e9c85fb-03ef-3df3-4635-6ae16e099e29)[20](https://eng.gruppohera.it/w/the-acquisition-of-46-5-of-sat-modena-is-concluded-and-the-merger-is-approved-in-july-2007)

Hera expanded its regional footprint through the merger of AcegasAps Holding, effective 1 January 2013, and the integration of Genoa-based AMGA, effective 1 July 2014. [21](https://www.gruppohera.it/documents/688182/0/Comunicato_stampa.1350294931.pdf/ac381401-5eda-f43f-0b14-e7be3eef0a60?t=1592919280134)[22](https://eng.gruppohera.it/documents/1514726/4216731/Financial%20results%20as%20of%2031_12_2014.pdf/800a8857-25cb-255f-41db-bc70989cc2ab) In May 2022, the board appointed Orazio Iacono as CEO following Stefano Venier’s resignation. [23](https://eng.gruppohera.it/documents/1514726/4185843/20220511_nomina%2BAD.pdf/a2c6ba40-9407-b33c-5180-dfc090a552e5?t=1652273878772) More recently, Hera’s FY2025 results reported its acquisition of Ambiente Energia, and in 2026 the group announced the closing of its Sostelia acquisition and acquisition of control of SEA. [8](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bapproves%2BFY2025%2Bresults%2B.pdf/8a231c2f-3c61-2937-c35d-6719d0a8ce05?t=1774430672240)[24](https://www.gruppohera.it/documents/688182/0/Comunicato%2BGruppo%2BHera_Closing%2BSostelia.pdf/8579ec5e-288d-0974-8562-15b7666d6456?t=1773651108702)[25](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bacquires%2Bcontrol%2Bof%2BSEA.pdf/1edcf2a8-c239-8a0e-4fa2-68b33080038d?t=1773049340232)
[26](https://app.finbar.com/go?id=P64352784)[27](https://app.finbar.com/go?id=P70132489)[3](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)[18](https://eng.gruppohera.it/documents/d/gruppohera-eng/share-key-data-2003-2025_eng)[19](https://eng.gruppohera.it/documents/1514726/4215097/HR_2005.1156768948.pdf/4e9c85fb-03ef-3df3-4635-6ae16e099e29)[20](https://eng.gruppohera.it/w/the-acquisition-of-46-5-of-sat-modena-is-concluded-and-the-merger-is-approved-in-july-2007)[21](https://www.gruppohera.it/documents/688182/0/Comunicato_stampa.1350294931.pdf/ac381401-5eda-f43f-0b14-e7be3eef0a60?t=1592919280134)[22](https://eng.gruppohera.it/documents/1514726/4216731/Financial%20results%20as%20of%2031_12_2014.pdf/800a8857-25cb-255f-41db-bc70989cc2ab)[23](https://eng.gruppohera.it/documents/1514726/4185843/20220511_nomina%2BAD.pdf/a2c6ba40-9407-b33c-5180-dfc090a552e5?t=1652273878772)[8](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bapproves%2BFY2025%2Bresults%2B.pdf/8a231c2f-3c61-2937-c35d-6719d0a8ce05?t=1774430672240)[24](https://www.gruppohera.it/documents/688182/0/Comunicato%2BGruppo%2BHera_Closing%2BSostelia.pdf/8579ec5e-288d-0974-8562-15b7666d6456?t=1773651108702)[25](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bacquires%2Bcontrol%2Bof%2BSEA.pdf/1edcf2a8-c239-8a0e-4fa2-68b33080038d?t=1773049340232)

## Sources

1. [eng.gruppohera.it](https://eng.gruppohera.it/group_eng/)
2. [www.gruppohera.it](https://www.gruppohera.it/documents/688182/0/Company%2Bprofile_Gruppo%2BHera_2025.pdf/1e7fc729-4d7a-5c85-1aa5-efd35b91657a?t=1761819817028)
3. [eng.gruppohera.it](https://eng.gruppohera.it/group_eng/who-we-are/about-our-group/history/timeline)
4. [HERA — Full financial report (2025 Y), p11](https://app.finbar.com/go?id=T3218063)
5. [HERA — Full financial report (2025 Y), p205](https://app.finbar.com/go?id=T454816)
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7. [HERA — Full financial report (2025 Y), p186](https://app.finbar.com/go?id=T13859789)
8. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bapproves%2BFY2025%2Bresults%2B.pdf/8a231c2f-3c61-2937-c35d-6719d0a8ce05?t=1774430672240)
9. [HERA — Full financial report (2025 Y), p117](https://app.finbar.com/go?id=T142059)
10. [HERA — Full financial report (2025 Y), p230](https://app.finbar.com/go?id=T4524711)
11. [HERA — Full financial report (2025 Y), p92](https://app.finbar.com/go?id=P84817589)
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14. [HERA — Full financial report (2026 Q 1), p16](https://app.finbar.com/go?id=P15308380)
15. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/0/FY2025_Hera%2BGroup%2Banalyst%2Bpresentation.pdf/c69e4647-3246-d0bb-1668-120e40baa353?t=1774445364145)
16. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/78425017/Press%20release%20H1%202026.pdf/5fbba50b-752b-5347-bfc2-38dc988aa291)
17. [HERA — Full financial report (2025 Y), p53](https://app.finbar.com/go?id=T3242537)
18. [eng.gruppohera.it](https://eng.gruppohera.it/documents/d/gruppohera-eng/share-key-data-2003-2025_eng)
19. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/4215097/HR_2005.1156768948.pdf/4e9c85fb-03ef-3df3-4635-6ae16e099e29)
20. [eng.gruppohera.it](https://eng.gruppohera.it/w/the-acquisition-of-46-5-of-sat-modena-is-concluded-and-the-merger-is-approved-in-july-2007)
21. [www.gruppohera.it](https://www.gruppohera.it/documents/688182/0/Comunicato_stampa.1350294931.pdf/ac381401-5eda-f43f-0b14-e7be3eef0a60?t=1592919280134)
22. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/4216731/Financial%20results%20as%20of%2031_12_2014.pdf/800a8857-25cb-255f-41db-bc70989cc2ab)
23. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/4185843/20220511_nomina%2BAD.pdf/a2c6ba40-9407-b33c-5180-dfc090a552e5?t=1652273878772)
24. [www.gruppohera.it](https://www.gruppohera.it/documents/688182/0/Comunicato%2BGruppo%2BHera_Closing%2BSostelia.pdf/8579ec5e-288d-0974-8562-15b7666d6456?t=1773651108702)
25. [eng.gruppohera.it](https://eng.gruppohera.it/documents/1514726/0/Hera%2BGroup%2Bacquires%2Bcontrol%2Bof%2BSEA.pdf/1edcf2a8-c239-8a0e-4fa2-68b33080038d?t=1773049340232)
26. [HERA — Press release (2026 Q 1), p2](https://app.finbar.com/go?id=P64352784)
27. [HERA — Full financial report (2025 Y), p16](https://app.finbar.com/go?id=P70132489)

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