Hera S.p.A. is a leading multiutility company headquartered in Bologna, Italy, specializing in the integrated management of essential public services. Established in 2002 through the merger of 11 regi... Hera S.p.A. is a leading multiutility company headquartered in Bologna, Italy, specializing in the integrated management of essential public services. Established in 2002 through the merger of 11 regional utilities, it operates primarily in gas distribution, electricity sales and distribution, water cycle management, and waste treatment across northern and central Italy, including provinces like Bologna, Ferrara, Modena, Ravenna, Padua, Trieste, and Udine, serving over 4.2 million citizens in 316 municipalities.
Hera S.p.A. excels in sustainable operations, holding top national positions: first in waste treatment with 8.5 million tons handled annually and 97 plants, second in water supply at 285 million cubic meters via a 35,000 km network, third in energy sales to 2.6 million electricity and 2.0 million gas customers, and fourth in gas distribution volumes of 11.3 billion cubic meters. Its EBITDA breakdown reflects a balanced portfolio: gas (36%), electricity (20.3%), waste (23.1%), and water (18.7%).
With a shareholder base featuring 111 municipalities holding 45.8% and a free float of 54.2%, Hera S.p.A. emphasizes circular economy principles, innovation in smart grids, and shared value creation, aligning with UN 2030 Agenda goals through substantial investments. The company also provides district heating, public lighting, and telecommunications, fostering resilience and environmental stewardship in Italy's utility sector.
In 2025, Hera was subject to the Corporate Sustainability Reporting Directive (CSRD)'s requirements, which mandated the company to publish EU Taxonomy disclosures.
The company reported the eligibility and alignment of Turnover, Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) with the EU Taxonomy, helping assess the extent to which its business activities align with Europe's environmental sustainability goals.
Hera has also provided an activity-level breakdown of its EU Taxonomy disclosures. This granular reporting enhances transparency around which economic activities of Hera are considered environmentally sustainable and contribute to at least one of the six environmental objectives defined under the EU Taxonomy framework.
Metric
2025
2024
2023
2022-2019
Total Taxonomy Aligned Turnover
15.4%a
11.3%b
17.7%c
Total Taxonomy Eligible Turnover
15.9%a
13.8%b
18.8%c
1.1 CE - Manufacture of plastic packaging goods
0.2%a
0.2%b
0.2%c
2.1 WTR - Water supply, 5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
4.3%a
3.9%b
3.1%c
2.2 PPC - Treatment of hazardous waste, 2.4 CE - Treatment of hazardous waste
0.3%a
0.4%b
0.1%c
2.2 WTR - Urban Waste Water Treatment, 5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
2.6%a
2%b
1.8%c
2.3 CE - Collection and transport of non-hazardous and hazardous waste, 5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
3.4%a
0.9%b
2%c
2.3 PPC - Remediation of legally non-conforming landfills and abandoned or illegal waste dumps
0.1%a
N/A
N/A
2.4 PPC - Remediation of contaminated sites and areas
0.6%a
0.6%b
0.5%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
0.1%a
0.1%b
N/A
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
0.1%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
0.1%b
N/A
2.7 CE - Sorting and material recovery of non-hazardous waste, 5.9 CCM/CCA - Material recovery from non-hazardous waste
0.1%a
N/A
N/A
3.17 CCM/CCA - Manufacture of plastics in primary form
0.9%a
0.8%b
0.7%c
4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
N/A
N/A
N/A
4.14 CCM/CCA - Transmission and distribution networks for renewable and low-carbon gases
1.1%a
N/A
1.1%c
4.22 CCM/CCA - Production of heat/cool from geothermal energy
N/A
0.1%b
0.1%c
4.9 CCM/CCA - Transmission and distribution of electricity
0.8%a
0.5%b
0.5%c
5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
N/A
N/A
N/A
5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
N/A
N/A
N/A
5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
N/A
N/A
N/A
5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
N/A
5.9 CCM/CCA - Material recovery from non-hazardous waste
N/A
N/A
N/A
7.3 CCM/CCA - Installation, maintenance and repair of energy efficiency equipment
0.2%a
0.8%b
6.6%c
7.5 CCM/CCA - Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
0.3%a
0.3%b
0.2%c
7.6 CCM/CCA - Installation, maintenance and repair of renewable energy technologies
0.3%a
0.5%b
0.6%c
Metric
2025
2024
2023
2022-2019
Total Taxonomy Aligned Opex
38.2%a
40.2%b
54.4%c
Total Taxonomy Eligible Opex
45.1%a
55.9%b
74.7%c
1.1 CE - Manufacture of plastic packaging goods
0.2%a
0.3%b
0.4%c
2.1 PPC - Collection and transport of hazardous waste, 2.3 CE - Collection and transport of non-hazardous and hazardous waste
0.1%a
0.1%b
0.2%c
2.1 WTR - Water supply, 5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
13.5%a
12.6%b
14.3%c
2.2 PPC - Treatment of hazardous waste, 2.4 CE - Treatment of hazardous waste
1.4%a
2.2%b
1.6%c
2.2 WTR - Urban Waste Water Treatment, 5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
6.9%a
7.3%b
10.2%c
2.3 CE - Collection and transport of non-hazardous and hazardous waste, 5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
2.1%a
N/A
0.7%c
2.4 PPC - Remediation of contaminated sites and areas
0.1%a
N/A
0.3%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
0.8%a
N/A
0.2%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
1.4%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
0.7%a
0.7%b
N/A
2.7 CE - Sorting and material recovery of non-hazardous waste, 5.9 CCM/CCA - Material recovery from non-hazardous waste
1.3%a
1.2%b
1%c
3.17 CCM/CCA - Manufacture of plastics in primary form
0.9%a
N/A
1.5%c
4.1 CCM/CCA - Electricity generation using solar photovoltaic technology
N/A
N/A
0.3%c
4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
N/A
N/A
N/A
4.14 CCM/CCA - Transmission and distribution networks for renewable and low-carbon gases
N/A
N/A
6.1%c
4.15 CCM/CCA - District heating/cooling distribution
0.2%a
N/A
0.1%c
4.22 CCM/CCA - Production of heat/cool from geothermal energy
0.2%a
N/A
0.7%c
4.9 CCM/CCA - Transmission and distribution of electricity
1.9%a
N/A
3.6%c
5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
N/A
N/A
N/A
5.10 CCM/CCA - Landfill gas capture and utilisation
0.3%a
0.3%b
N/A
5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
N/A
N/A
N/A
5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
N/A
N/A
N/A
5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
N/A
5.8 CCM/CCA - Composting of bio-waste
0.1%a
0.1%b
0.1%c
5.9 CCM/CCA - Material recovery from non-hazardous waste
N/A
N/A
N/A
7.5 CCM/CCA - Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
1.9%a
1.8%b
1.9%c
7.6 CCM/CCA - Installation, maintenance and repair of renewable energy technologies
5.6%a
7.3%b
9.8%c
Metric
2025
2024
2023
2022-2019
Total Taxonomy Aligned Capex
63.6%a
55.4%b
55.7%c
Total Taxonomy Eligible Capex
66.9%a
61.2%b
60.3%c
1.1 CE - Manufacture of plastic packaging goods
0.2%a
0.3%b
0.1%c
2.1 PPC - Collection and transport of hazardous waste, 2.3 CE - Collection and transport of non-hazardous and hazardous waste
N/A
0.1%b
N/A
2.1 WTR - Water supply, 5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
18.9%a
17.5%b
15.2%c
2.2 PPC - Treatment of hazardous waste, 2.4 CE - Treatment of hazardous waste
1%a
0.4%b
2.4%c
2.2 WTR - Urban Waste Water Treatment, 5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
12.1%a
9.8%b
9.3%c
2.3 CE - Collection and transport of non-hazardous and hazardous waste, 5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
4.9%a
2.5%b
3.8%c
2.4 PPC - Remediation of contaminated sites and areas
0.2%a
0.1%b
0.2%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
0.3%a
0.3%b
0.4%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
0.8%c
2.5 CE - Recovery of bio-waste by anaerobic digestion or composting, 5.7 CCM/CCA - Anaerobic digestion of bio-waste
0.2%a
0.2%b
N/A
2.7 CE - Sorting and material recovery of non-hazardous waste, 5.9 CCM/CCA - Material recovery from non-hazardous waste
0.4%a
0.6%b
0.6%c
3.10 CCM/CCA - Manufacture of hydrogen
0.9%a
N/A
N/A
3.17 CCM/CCA - Manufacture of plastics in primary form
2.1%a
2.2%b
1.3%c
4.1 CCM/CCA - Electricity generation using solar photovoltaic technology
1.4%a
0.8%b
0.7%c
4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids
N/A
N/A
N/A
4.14 CCM/CCA - Transmission and distribution networks for renewable and low-carbon gases
7.5%a
9.4%b
9.2%c
4.15 CCM/CCA - District heating/cooling distribution
1.7%a
0.7%b
0.4%c
4.22 CCM/CCA - Production of heat/cool from geothermal energy
0.9%a
0.2%b
0.2%c
4.9 CCM/CCA - Transmission and distribution of electricity
6.8%a
6.2%b
6.5%c
5.1 CCM/CCA - Construction, extension and operation of water collection, treatment and supply systems
N/A
N/A
N/A
5.3 CCM/CCA - Construction, extension and operation of waste water collection and treatment
N/A
N/A
N/A
5.5 CCM/CCA - Collection and transport of non-hazardous waste in source segregated fractions
N/A
N/A
N/A
5.6 CCM/CCA - Anaerobic digestion of sewage sludge
N/A
N/A
0.2%c
5.7 CCM/CCA - Anaerobic digestion of bio-waste
N/A
N/A
N/A
5.8 CCM/CCA - Composting of bio-waste
0.1%a
0.1%b
0.1%c
5.9 CCM/CCA - Material recovery from non-hazardous waste
N/A
N/A
N/A
7.3 CCM/CCA - Installation, maintenance and repair of energy efficiency equipment
1.4%a
0.4%b
0.1%c
7.4 CCM/CCA - Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
0.2%a
N/A
0.1%c
7.5 CCM/CCA - Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
2.3%a
3.5%b
3.8%c
7.6 CCM/CCA - Installation, maintenance and repair of renewable energy technologies
0.1%a
0.1%b
0.3%c
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a. Hera's Financial Report 2025
b. Hera's Financial Report 2024
c. Hera's Sustainability Report 2023
d. Hera's Sustainability Report 2022
Insights into Hera's Revenues from Sustainable Activities
In 2025, Hera reported EU Taxonomy-eligible revenues of EUR 2.04 billion, representing 15.9% of its total turnover. Of this amount, EUR 1.97 billion of Hera's revenues was classified as EU Taxonomy-aligned, indicating that 15.4% of the revenue-generating activities undertaken by the company substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
Hera's Taxonomy-Eligible Turnover Over Time
Total Taxonomy Eligible Turnover
Total Taxonomy Aligned Turnover
Have Hera's revenues become more sustainable over time?
Since 2022, Hera's taxonomy-aligned revenues increased by 37.5%,reflecting a sustained upward trend in environmentally sustainable revenue generation.a, d
Compared to the previous year (2024), Hera's taxonomy-aligned revenues increased by 36.28%,highlighting Hera's deeper integration of environmentally sustainable activities into its core business model, or improved classification and reporting of those activities under the EU Taxonomy.a, b
How much of Hera's revenue is eligible under the EU Taxonomy?
In 2025, Hera reported that EUR 2.04 billion of its revenue was eligible under the EU Taxonomy, representing 15.9% of the company's total turnover. Of this amount, EUR 1.97 billion (15.4% of total revenue) was classified as Taxonomy-aligned. This means that 0.5% of Hera's revenue is eligible but not aligned, indicating that these activities did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards.a
How much of Hera's eligible revenue is aligned with the EU Taxonomy?
In 2025, Hera reported that EUR 1.97 billion of its revenue was aligned under the EU Taxonomy, representing 15.4% of its total turnover.a
This moderate level of alignment indicates that Hera has begun shifting toward more sustainable operations but still has considerable room to enhance its green offerings.
Hera's Eligibility & Alignment Overview
Hera's Contribution to Environmental Objectives
Total Taxonomy Aligned Turnover
How is Hera's taxonomy-aligned revenue distributed across the EU environmental objectives?
In 2025, Hera reported that its taxonomy-aligned revenue was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 11.5%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 2.6%
Transition to a Circular Economy: 0.3%
Pollution Prevention and Control: 1%
Protection and restoration of biodiversity and ecosystems: 0%
How much revenue does Hera earn from selling climate-related solutions ?
In 2025, Hera reported that EUR 1.47 billion of its total revenue was associated with activities contributing to the EU taxonomy climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This accounted for 11.5% of the company's total revenue,indicating that Herahas a moderate focuson solutions that support climate action through its commercial activities.a
Insights into Hera's CAPEX from Sustainable Activities
In 2025, Hera reported EU Taxonomy-eligible CAPEX of EUR 707.80 million,representing 66.9% of its total CAPEX. Of this amount, EUR 672.20 million of Hera's CAPEX was classified as EU Taxonomy-aligned, indicating that 63.6% of the company's investments were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
Hera's Taxonomy-Eligible Capex Over Time
Total Taxonomy Eligible Capex
Total Taxonomy Aligned Capex
Have Hera's increased its investment in sustainable activities over time?
Since 2022, Hera's taxonomy-aligned capital expenditure (CAPEX)increased by 16.48%,pointing to a long-term shift toward greater investment in environmentally sustainable activities recognized under the EU Taxonomy.a, d
Compared to the previous year (2024), Hera's taxonomy-aligned CAPEX increased by 14.8%,highlighting Hera's strengthened commitment to investing in environmentally sustainable activities or improving how such investments are classified and reported under the EU Taxonomy.a, b
How much of Hera's capital expenditure (CAPEX) is eligible under the EU Taxonomy?
In 2025, Hera reported that EUR 707.80 million of its capital expenditure (CAPEX) was eligible under the EU Taxonomy, representing 66.9% of the company's total CAPEX. Of this amount, EUR 672.20 million (63.6% of total CAPEX) was classified as Taxonomy-aligned. This means that 3.3% of Hera's CAPEX is eligible but not aligned, indicating that these investments either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of Hera's eligible CAPEX is aligned with the EU Taxonomy?
In 2025, Hera reported that EUR 672.20 million of its CAPEX was aligned under the EU Taxonomy, representing 63.6% of its total capital investment.a
This strong alignment suggests that Hera is directing a significant portion of its capital investments toward environmentally sustainable assets or activities, reinforcing a strategic focus on long-term sustainability.
Hera's Eligibility & Alignment Overview
Hera's Contribution to Environmental Objectives
Total Taxonomy Aligned Capex
How is Hera's taxonomy-aligned CAPEX distributed across the EU environmental objectives?
In 2025, Hera reported that its taxonomy-aligned capital expenditure (CAPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 49.6%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 12.1%
Transition to a Circular Economy: 0.6%
Pollution Prevention and Control: 1.3%
Protection and restoration of biodiversity and ecosystems: 0%
How much Hera is investing in climate-related solutions?
In 2025, Hera allocated EUR 524.47 million of its CAPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 49.6% of the company's total capital expenditure,indicating that Herais moderately allocating capital toward climate-aligned initiatives, while maintaining a diversified investment portfolio.a
Insights into Hera's OPEX from Sustainable Activities
In 2025, Hera reported EU Taxonomy-eligible OPEX of EUR 145.30 million,representing 45.1% of its total operating expenses (OPEX). Of this amount, EUR 123.30 million of Hera's OPEX was classified as EU Taxonomy-aligned, indicating that 38.2% of the company's operating expenses were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
Hera's Taxonomy-Eligible Opex Over Time
Total Taxonomy Eligible Opex
Total Taxonomy Aligned Opex
Have Hera's increased its spending in sustainable activities over time?
Since 2022, Hera's taxonomy-aligned operating expenditure (OPEX)decreased by 16.04%,indicating a long-term decline in sustainability-related operational spending, which may reflect shifting priorities or reduced emphasis on green initiatives.a, d
Compared to the previous year (2024), Hera's taxonomy-aligned OPEX decreased by 4.98%, suggesting that Hera may have reduced spending on environmentally sustainable activities, adjusted its operational priorities, or decreased the scope of its taxonomy-related disclosures.a, b
How much of Hera's operational expenditure (OPEX) is eligible under the EU Taxonomy?
In 2025, Hera reported that EUR 145.30 million of its operational expenditure (OPEX) was eligible under the EU Taxonomy, representing 45.1% of the company's total OPEX. Of this amount, EUR 123.30 million (38.2% of total OPEX) was classified as Taxonomy-aligned. This means that 6.9% of Hera's OPEX is eligible but not aligned, indicating that these expenditures either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of Hera's eligible OPEX is aligned with the EU Taxonomy?
In 2025, Hera reported that EUR 123.30 million of its OPEX was aligned under the EU Taxonomy, representing 38.2% of its total operational expenditure.a
This moderate level of alignment indicates that Hera is beginning to shift operational priorities toward greener practices, with room for deeper integration.
Hera's Eligibility & Alignment Overview
Hera's Contribution to Environmental Objectives
Total Taxonomy Aligned Opex
How is Hera's taxonomy-aligned OPEX distributed across the EU environmental objectives?
In 2025, Hera reported that its taxonomy-aligned operational expenditure (OPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 28.2%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 6.9%
Transition to a Circular Economy: 1.5%
Pollution Prevention and Control: 1.6%
Protection and restoration of biodiversity and ecosystems: 0%
How much of Hera's operational budget supports climate-related solutions?
In 2025, Hera allocated EUR 90.89 million of its OPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 28.2% of the company's total OPEX,indicating that Herais moderately integrating climate considerations into its ongoing operations, with potential to scale up climate-aligned spending.a