Hera has benefited from a strong recovery in waste management, combined with its exposure to commodity volumes and price effects, to increase its H1 21 EBITDA by 10.4%, to €618m. Note also the positive impact from trading activities, an unsustainable source of profits. We like the deleveraging process (net debt/EBITDA down from 2.8x to 2.5x), a good point for the group relying on inorganic growth and dividend distribution. Positive view confirmed.