Romande Energie Holding (REHN) H1 2025 earnings summary

Executive summary

• Operating profitability and margins improved, with all business units contributing positively to EBITDA, reflecting effective efficiency measures and a strategic refocus on core business under new leadership.

• New CEO François Felley and strengthened management committee implemented a new organizational structure, to be completed by July 2025.

• Digitalization and efficiency initiatives advanced, supporting performance and human resources development.

Financial highlights

• Operating revenue ranged from CHF 386 million to CHF 426 million year-over-year, with EBITDA up 9% to CHF 71 million and EBIT up 10% to CHF 22 million.

• Net profit reached CHF 40 million, supported by higher profitability margins but impacted by lower associate contributions.

• Operating cash flow doubled, reported as CHF 52 million and CHF 90 million, driven by strict working capital management.

• Debt-to-equity ratio at 76%, with net debt at CHF 205 million.

• CapEx ranged from CHF 52 million to CHF 67 million, focused on energy, power generation, and grid reinforcement.

Outlook and guidance

• Adjusted EBITDA and EBIT for the full year expected to be in line with 2024, with seasonal swings and external uncertainties anticipated.

• Efficiency measures target an extra CHF 10 million in EBIT by 2026.

• Regulatory changes from 2026 and Alpiq plant outage expected to impact future results.