(Alliance News) - Hera Spa reported Wednesday that revenues in the first nine months of the year were EUR10.95 billion, down from EUR14.32 billion in the same period last year.

As of Sept. 30, net income stood at EUR267.1 million from EUR248.4 million in 2022.

EBITDA was EUR1.00 billion from EUR874.8 million in nine months 2022, up 15 percent.

In the first nine months, the Hera Group made net investments and corporate acquisitions of EUR593.0 million, up 19 percent from the same period in 2022.

The total value of the group's net financial debt was EUR4.14 billion, down EUR100.9 million compared to the value as of Dec. 31, 2022, fully absorbing the June dividend distribution, significant growth in investments compared to 2022, and acquisitions completed in 2023, the company explained in a note.

Also improving is the return on investment, with ROI rising to 9.0 percent.

"The first nine months of the year were characterized by growing investments and record results compared to previous years, showing strong resilience in the face of extreme weather and climate phenomena incurred in the reference territory and a still uncertain global context, which continues to generate generalized inflationary growth and an increase in the cost of money. In particular, the significant investments concretely testify to the group's commitment to strengthening the resilience of the assets under management and its ongoing focus on projects capable of accelerating the path to green transition, in full coherence with the multiutility's corporate purpose. The positive economic and financial performance confirms, once again, the effectiveness of management choices guided by low-risk policies and a solid multibusiness industrial strategy, balanced between internal growth and development by external lines and between regulated and open competition activities. Management has promoted growth with double-digit rates, ensuring returns on invested capital at 9 percent," the official note reads.

Hera trades in the red by 2.6 percent at EUR2.66 per share.

By Claudia Cavaliere, Alliance News reporter

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